The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Capital One, alleging deceptive practices regarding its high-interest savings accounts. This legal battle has significant implications for consumers and raises critical questions about transparency in the banking industry. Below, we break down the details of the Capital One Bank Class action settlement 2025 payouts, dates, amount and what it means for affected customers.
Capital One Bank Class Action Lawsuit
The lawsuit alleges that Capital One misled customers with its “360 Savings” accounts by claiming to offer some of the nation’s “best” and “highest” interest rates. However, these accounts were frozen at the lowest levels, even as interest rates rose nationwide. Instead of adjusting the rates, Capital One introduced a new product, the “360 Performance Savings” account, which offered significantly higher rates—at one point paying more than 14 times the interest of the 360 Savings accounts.
Capital One allegedly did not notify 360 Savings account holders about the new, higher-interest product. The 360 Performance Savings accounts were not openly offered to many existing customers. Marketing for both products was designed to obscure differences, keeping 360 Savings account holders in the dark.
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Capital One has strongly denied the allegations, stating that its banking products have always been accessible to both new and existing customers without restrictions. The bank expressed disappointment in the timing of the CFPB’s lawsuit, calling it an “eleventh-hour” action ahead of a change in administration.
Payouts and Penalties
The CFPB is seeking civil penalties and financial relief for impacted customers. While the exact payout amounts are yet to be finalized, this lawsuit follows a series of legal challenges for Capital One, including the 2019 data breach settlement.
Here is the detailed court notice
In 2019, Capital One faced one of the largest data breaches in financial history, exposing sensitive information for nearly 98 million customers. Details such as names, Social Security numbers, and bank account information were compromised.
| Settlement Amount | $190 million |
| Maximum Payout Per Person | Up to $25,000 |
| Deadline for Claims | January 21, 2025 |
| Identity Protection Services | Available until February 2028 |
Eligibility for the Settlement
To qualify for compensation, individuals must meet the following criteria:
- Be a U.S. resident affected by the 2019 breach.
- Hold a Capital One account between September 1, 2015, and January 12, 2022.
- Provide evidence of monetary loss or unauthorized transactions.
- Submit a valid claim form with supporting documentation by the deadline.
Timeline of Key Events
| Date | Event |
| 2019 | Data breach exposes sensitive customer information. |
| September 13, 2022 | $190 million settlement receives final approval. |
| September 30, 2022 | Deadline for initial claim submissions. |
| September 27, 2023 | First round of payments distributed. |
| September 4, 2024 | Second round of payments issued. |
| January 21, 2025 | Final deadline for claim submissions. |
| February 13, 2028 | Identity restoration services end. |
Lessons from the Capital One Cases
The Capital One Bank lawsuits underscore the importance of transparency and robust data security in the financial sector. For affected customers, these settlements provide a pathway to financial relief and long-term identity protection.
Ensure all required documentation is submitted before the January 21, 2025, deadline. Take advantage of the free services available until 2028 to safeguard against future risks. Monitor official updates on settlement payouts at capitalonesettlement.com.