Capital One reaches $425 million settlement in class action lawsuit
Capital One has agreed to pay $425 million to settle a class action lawsuit involving 360 Savings accounts.
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Some Capital One account holders may be eligible for cash payments as part of a $425 million settlement in a class action lawsuit against the company.
A U.S. District Court judge gave final approval to the settlement on April 20, months after the court rejected an initial settlement agreement in the case in late 2025. The agreement was renegotiated earlier this year and received final approval this week.
The lawsuit alleges that Capital One misled customers about the interest rates associated with some savings account options, according to court filings posted on the settlement website.
Capital One denied the allegations in the lawsuit and the allegations of wrongdoing. Ultimately, both sides agreed to a settlement that avoided a trial.
Here’s what you need to know about the settlement, including who is eligible to receive a payout.
What is the Capital One Settlement?
The class action lawsuit against Capital One relates to two types of savings accounts offered by the company: the 360 Savings account and the 360 Performance Savings account.
Plaintiffs argued that the two types of savings accounts were identical except for the interest paid on them by Capital One.
According to filings, Capital One offered the 360 Savings account from 2013 to 2019, and began offering another type of account, 360 Performance Savings, around that time.
The company stopped offering 360 savings accounts to customers, but Capital One continued to service existing accounts under the program, according to the filing.
The complaint alleges that since 2019, Capital One has been paying higher interest rates than it paid for 360 Performance Savings, even though the two accounts are otherwise identical.
As a result, the plaintiffs alleged that Capital One deceptively sold 360 savings accounts and concealed interest rate disparities. The company denied this claim.
Who is eligible to receive Capital One settlement payments?
The payment class, or group eligible for payments, includes those who maintained a Capital One 360 savings account any time between September 18, 2019 and June 16, 2025.
How much money can I get from the Capital One settlement?
Each member of the payment class receives a separate payment.
The total is first calculated based on the amount of interest the account owner would earn if the account received the same interest rate as the 360 Performance Savings account.
After deducting these costs and expenses, the remaining settlement funds will be divided among the recipients based on their individual amounts, according to the settlement website.
Do I need to file a claim in the Capital One settlement?
No, you do not have to file a claim to receive payment in the Capital One settlement. All eligible members will automatically receive payments.
Payments are expected to be sent around July 21, according to the payment website.
Melina Khan is USA TODAY’s national trends reporter. X Keep up with her at @melinakh and on Instagram @bymelinakhan.
