People who were CapitalOne 360 Savings account holders any time from Sept. 18, 2019, through June 16, 2025 are now expected to receive class action settlement payments since a judge has approved the settlement agreement.
A final approval hearing for the $425 million settlement was scheduled for Monday, per the settlement website. CBS News reported that a judge approved the agreement.
Previously, Audacy reported on the class action suit filed in summer 2024 and granted preliminary approval as of last summer. The suit alleged that CapitalOne acted deceptively regarding the marketing and payment of interest on its 360 Savings account product that was introduced in 2013.
“You do not need to file a claim form to receive a Class Cash Payment from this settlement,” said the class action website. “All Settlement Class Members are automatically eligible to receive a Class Cash Payment for your share of the Settlement Fund.”
Class members were able to choose to receive an electronic payment by March 30 of this year. Those who did not select this method will receive a check mailed to their last known address. Settlement payments under $5 were only available via electronic payment and all payments are issued only to the primary accountholder listed on the 360 Savings account.
“The Settlement Administrator has not yet determined the amount of your Class Cash Payment,” the settlement website said as of Friday. Payments will be determined based on their historical account balances and interest rates.
In addition to payments to class members, the $425 million settlement fund will be used to cover administrative costs, notice costs, attorney’s fees and expenses awarded by the court and service awards. If there are unclaimed amounts from checks not cashed or undeliverable electronic payments, funds will be redistributed pro rata to Settlement Class Members “if such a distribution can be accomplished in a cost-effective manner,” the class action website explained.
If those amounts cannot be redistributed in a cost-effective manner, they will be donated to a charitable organization approved by the court. Payments to class members are set to begin no later than 14 days after the effective date of the settlement,
“CapitalOne further agrees to continue to maintain 360 Savings accounts and 360 Performance Savings accounts for a period of two years following the Effective Date,” the class settlement site added.
