A new class action settlement has been proposed that, if approved by the Court, would resolve the lawsuit titled In re: Capital One 360 Savings Account Interest Rate Litigation, No. 1:24-md-03111-DJN (E.D. Va.). The Defendants, Capital One, N.A. and Capital One Financial Corporation (collectively “Capital One” or “Defendants”) deny any wrongdoing, and the Court has not determined that Capital One did anything wrong.
This settlement would resolve a class action lawsuit brought against Capital One concerning the interest paid on its 360 Savings account product. Since February 2013, Capital One has offered savings accounts called 360 Savings accounts. On September 18, 2019, Capital One began offering a separate savings account called 360 Performance Savings, and stopped offering new 360 Savings accounts to customers, though it continued to service existing 360 Savings accounts. At all times since September 18, 2019, and continuing through the present, Capital One has paid a higher rate of interest (and often a substantially higher rate of interest) on 360 Performance Savings than it has paid on 360 Savings, though Plaintiffs allege the two accounts are otherwise identical. The Plaintiffs in the lawsuit allege that Capital One failed to raise interest rates on the 360 Savings account commensurate with rates paid on the 360 Performance Savings account, deceptively marketed the 360 Savings account, and concealed (i) that 360 Savings was no longer Capital One's high-yield online savings account and (ii) the existence of the 360 Performance Savings account–and its higher interest rate–from 360 Savings accountholders. Capital One denies all claims asserted against it in the lawsuit, denies all allegations of wrongdoing and liability, and denies all material allegations of the Complaint. The Court has not determined that Capital One did anything wrong; instead, the Plaintiffs and Capital One have decided to settle the lawsuit.
The Settlement Class includes all persons or entities who are or were 360 Savings accountholders between September 18, 2019, and June 16, 2025.
The settlement requires Capital One to (1) pay $425 million into a “Settlement Fund” to be used to make cash payments to current and former 360 Savings accountholders in relation to their historical account balances, and (2) pay the interest rate for the 360 Performance Savings account to holders of the 360 Savings account going forward (i.e., making the interest rates on the two accounts identical).
Settlement Class Members do not need to file a claim to receive a cash payment; if Settlement Class Members do nothing, a check will be mailed to their last known address as long as their payment is $5 or more. Settlement Class Members are strongly encouraged to choose to receive their share of the Settlement Fund as an electronic payment (instead of a check) by visiting www.CapitalOne360SavingsAccountLitigation.com (the “Settlement Website”). The deadline to choose an electronic payment is March 30, 2026. If Settlement Class Members already selected an electronic payment for the previously proposed settlement in this matter, they do not need to select one again for this settlement.
Settlement Class Members who do not want to be included in the settlement must submit a request to opt out. Any Settlement Class Member who does not opt out will be legally bound by the settlement, and will give up the right to sue Capital One based on legal claims that were or could have been brought in this lawsuit and that will be released by the settlement. If Settlement Class Members opt out, they will receive no benefits from the Settlement Fund. If Settlement Class Members opted out of the previously proposed settlement and wish to exclude themselves from the new settlement, they need to opt out again. If Settlement Class Members do not opt out, they may object to or comment on the settlement and/or Class Counsel's application for attorneys' fees, expenses, and service awards. The deadline to opt out or object is March 30, 2026. The Long Form Notice available on the Settlement Website explains how to exercise these options. The Court will hold a final approval hearing on April 20, 2026, to consider whether to approve the settlement, Class Counsel's requested attorneys' fees of up to 15% of the Settlement Fund plus expenses, service awards for the Settlement Class Representatives, and any objections. Settlement Class Members or their lawyer, at their own expense, may attend the hearing if they object, but they are not required to do so.
The foregoing is only a summary. More information is available at www.CapitalOne360SavingsAccountLitigation.com or by calling toll-free 1-888-832-2704.
URL: www.CapitalOne360SavingsAccountLitigation.com
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SOURCE United States District Court for the Eastern District of Virginia
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