A major class action lawsuit against Capital One is moving toward resolution, with a proposed $425 million settlement that could result in direct cash payments for millions of current and former customers. The litigation centers on how Capital One marketed and paid interest on its 360 Savings account product.
Who is eligible?
The settlement covers all individuals and entities who held a Capital One 360 Savings account at any point between September 18, 2019, and June 16, 2025. Capital One’s records show you’re included in the Settlement Class, so you received a notice by email or mail.
What is the lawsuit about?
The lawsuit, formally titled In re Capital One 360 Savings Account Interest Rate Litigation, No. 1:24-md-03111-DJN (E.D. Va.), claims that Capital One misled customers by not paying the interest rates it advertised on 360 Savings accounts. Capital One denies any wrongdoing, and the Court has not determined liability.
What does the settlement provide?
The total settlement is valued at $425 million, broken down into:
- $300 million Settlement Fund: To be distributed as cash payments to eligible customers, based on their historical account balances.
- $125 million for future interest rate increases: Customers who continue to maintain 360 Savings accounts will benefit from enhanced interest payments.
If your payment amount is $5 or more, Capital One will mail a check to your last known address unless you choose an electronic payment option. If you opt for digital payment, you will receive your funds regardless of amount.
Important deadlines:
- Electronic payment election deadline: October 2, 2025
- Opt-out or objection deadline: October 2, 2025
- Final approval hearing: November 6, 2025
To select your electronic payment option or view the full settlement details, visit www.CapitalOne360SavingsAccountLitigation.com.
What are your options?
You have several legal options under this proposed settlement:
- Do nothing: You’ll automatically receive your payment (if eligible).
- Opt out: You will not receive a payment, but retain the right to sue Capital One independently.
- Object or comment: You can file an objection to the settlement terms or attorney fee request by the October 2, 2025, deadline.
What happens next?
The Court will hold a final approval hearing on November 6, 2025, to determine whether to finalize the settlement. If approved, payments are expected to be distributed shortly thereafter.
Customers with questions can call the toll-free number 1-888-832-2704 or visit the official settlement website for the full Long-Form Notice and FAQs.
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