Judge approves $425 million Capital One settlement. Here's what customers should know.
CBS News • • business
Key Points:
- A judge has approved a $425 million settlement in a lawsuit alleging Capital One paid lower interest rates on older 360 Savings accounts compared to its newer 360 Performance Savings accounts.
- The settlement covers customers who held a 360 Savings account between September 18, 2019, and June 16, 2025, including joint and co-holders.
- Eligible customers do not need to file a claim to receive payments, which will be distributed either electronically (if opted in by March 30) or by check for amounts over $5.
- Payout amounts will be calculated based on the difference in interest that customers would have earned if their accounts had received the higher rate, minus legal and administrative costs.
- Payments are expected to be sent around July 21, pending no legal appeals following the April 20 settlement approval.
