New York Attorney General Letitia James stated, “Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice.” This remark encapsulates the essence of a recent federal judge’s approval of a $425 million class-action settlement aimed at compensating customers who held Capital One’s 360 Savings accounts between September 18, 2019, and June 16, 2025.
The lawsuit alleged that Capital One misled its customers regarding interest rates, particularly after the introduction of the more lucrative 360 Performance Savings account. Documents show that eligible customers will receive their payouts automatically on July 27, 2026, provided there are no pending appeals against this decision. Payments will vary according to the interest missed during the specified period.
Key facts about the settlement:
- A federal judge approved a $425 million class-action settlement on April 20, 2026.
- The settlement applies to anyone with a 360 Savings account during the defined timeframe.
- Legal fees up to 15% and administrative costs will be deducted before distribution.
- Each class representative will receive a $10,000 service award.
Philip Black, one of the attorneys involved in the case, remarked that this outcome is “a great result for the class.” The court has allocated $32 million for attorneys’ fees and an additional $1.81 million for expenses associated with administering the settlement. The settlement administrator is Epiq Class Action & Claims Solutions.
In light of this ruling, Capital One is expected to align interest rates on its existing 360 Savings accounts with those offered by the newer 360 Performance Savings account moving forward. The next steps will involve monitoring any potential appeals that could impact the payout timeline.
