Settlement
Not paid yet

Capital One 360 Savings settlement

$425 million settlement fund, plus Capital One paying 360 Savings holders the 360 Performance Savings interest rate going forward. The court-appointed special master valued that future rate relief at roughly $722.6 million to $877.5 million. source

In re: Capital One 360 Savings Account Interest Rate Litigation 路 MDL No. 1:24-md-03111-DJN 路 U.S. District Court for the Eastern District of Virginia, Alexandria Division 路 Judge David J. Novak

Where it stands

The court granted final approval on April 20, 2026, but a notice of appeal was filed on June 18, 2026, so the settlement has not taken effect and the administrator lists the payment date as delayed due to the appeal. Official update, Oct 14, 2026

MrScandal is not the settlement administrator and does not take claims. The administrator is Epiq Class Action & Claims Solutions, Inc. (appointed in the court papers).

Who qualifies

  • People and entities who held a Capital One 360 Savings account at any time from September 18, 2019 through June 16, 2025, including joint and co-holders, as shown on Capital One's class list. source
  • Excluded: Capital One and its officers, directors and affiliates, the judges and judicial staff on the case and their families, and anyone who validly opted out. source
  • There is no claim form; class members are paid automatically, and cash payments go only to the primary holder of each 360 Savings account. source

What each group gets

WhoAmount
Current and former 360 Savings account holdersA pro rata share of the net fund based on each account's Individual Recognized Claim: roughly the extra interest it would have earned at the 360 Performance Savings rate. The amount per account had not been set.
Payments of $5 or moreMailed by check to the last known address unless the holder chose electronic payment.
Payments under $5Paid only if the holder chose electronic payment.
People who still hold a 360 Savings accountThe 360 Performance Savings interest rate going forward, which the special master valued over at least two years of the obligation.
Paid from the fund before class members$32 million in attorneys' fees (the notice allowed a request of up to 15%, about $63.75 million), $1,809,988.29 in expenses and a $10,000 service award to each class representative, plus administration and notice costs.

Key dates

  1. Jul 10, 2023 First 360 Savings class action filed in the Eastern District of Virginia source
  2. Jan 14, 2025 CFPB sues Capital One over 360 Savings interest source
  3. Feb 27, 2025 CFPB voluntarily dismisses its case with prejudice source
  4. May 14, 2025 New York Attorney General sues Capital One source
  5. Nov 6, 2025 Court declines to approve the first proposed settlement source
  6. Dec 12, 2025 New settlement agreement signed source
  7. Jan 12, 2026 Court grants preliminary approval of the new settlement source
  8. Mar 30, 2026 Deadline to choose electronic payment, opt out or object source
  9. Apr 20, 2026 Final approval hearing; court grants final approval the same day source
  10. Jun 18, 2026 Notice of appeal of the final approval order (Capital One's 10-Q gives June 17, 2026) source
  11. Aug 4, 2026 Capital One raises the 360 Savings rate to match 360 Performance Savings source

What the case was about

Compiled by the MrScandal settlements desk from the documents below 路 Desk editor Laima 膾rk拧姆e-Kreicberga 路 Updated Nov 11, 2026

Capital One marketed its 360 Savings account as offering one of the nation's best savings rates. In September 2019 it launched 360 Performance Savings, a nearly identical account. According to the New York Attorney General, as interest rates rose from 2022 the bank held 360 Savings at 0.30% while 360 Performance Savings reached 4.35%, at one point more than 14 times as much. The state's example: $10,000 left in 360 Savings for five years earned $186, against $1,090 in the newer account. The lawsuits allege that Capital One told employees not to mention the newer account to 360 Savings customers unless asked.

Account holders first sued on July 10, 2023, and the cases were combined before Judge David J. Novak in Alexandria, Virginia. The Consumer Financial Protection Bureau sued on January 14, 2025, alleging customers lost more than $2 billion in interest, then dismissed its case with prejudice on February 27, 2025. New York's Attorney General filed her own suit on May 14, 2025, seeking restitution, disgorgement and penalties. Capital One denies all the claims, and the court has not found that it did anything wrong.

The first proposed class settlement would have paid $300 million into a fund plus $125 million in extra interest to people still holding the account. New York and 17 other states opposed it, and on November 6, 2025 Judge Novak refused to approve it, finding it would return only about 10% of the interest holders would have earned and that the notice read more like a marketing pitch than a clear explanation of options. He sent the parties back to negotiate.

The new agreement of December 12, 2025 puts the full $425 million into a cash fund and requires Capital One to pay 360 Savings holders the Performance Savings rate. The special master estimated historical losses of $742 million to $1.098 billion, so the fund covers 38% to 57% of them. New York does not object to the new deal and agreed to drop its suit once it takes effect. Judge Novak approved it on April 20, 2026, cut the fee award to $32 million and ordered any objector who appeals to post a $25,000 bond. An objector appealed in June 2026 to the Fourth Circuit, which keeps the settlement from taking effect and delays payments.

Questions people ask

When will I get my Capital One settlement payment?

No date is set. The administrator says no cash payments will be made unless and until the settlement's effective date occurs, and lists distribution as delayed due to the appeal. source

Do I need to file a claim for the Capital One 360 Savings settlement?

No. Class members do not file a claim; payments are automatic and go to the primary account holder, by check for amounts of $5 or more unless electronic payment was chosen. source

How much will I get from the Capital One settlement?

Each payment is a pro rata share of the net fund based on the extra interest the account would have earned at the 360 Performance Savings rate. The administrator has not published per-account amounts. source

Is the Capital One settlement legit?

Yes. Judge David J. Novak approved it on April 20, 2026 and appointed Epiq Class Action & Claims Solutions as settlement administrator; the appeal means it has not taken effect yet. source

Why was the first Capital One settlement rejected?

Judge Novak found the $300 million fund plus $125 million interest pool would return only about 10% of what account holders would have earned, and that the notice read like marketing. source

What happened to the CFPB lawsuit against Capital One?

The CFPB sued on January 14, 2025 and voluntarily dismissed the case with prejudice on February 27, 2025. The class settlement is separate. source

Status history

  1. Nov 6, 2025 Court rejects the first proposed settlement as inadequate and orders new negotiations. source
  2. Jan 12, 2026 Court grants preliminary approval of the new $425 million settlement; the New York Attorney General welcomes it. source
  3. Apr 20, 2026 Judge Novak grants final approval, awards $32 million in fees and requires a $25,000 bond from any objector who appeals. source
  4. Jun 18, 2026 A notice of appeal is filed, so the settlement's effective date has not occurred and payments are on hold. source
  5. Aug 4, 2026 Capital One raises the 360 Savings rate to match 360 Performance Savings while the appeal is pending. source
  6. Oct 14, 2026 Administrator's site still lists the payment date as delayed due to the appeal. source

Documents

All settlements, open claims first