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Capital One $425 million settlement payouts face possible year delay
A class member’s appeal filed in June pushes back payments that were originally set to begin in July, with eligible customers dating to Sept. 18, 2019.
Capital One customers waiting for payout from a $425 million class-action settlement tied to the bank’s 360 Savings Account could see payments delayed for a year or longer, according to a filing on the settlement website cited by Yahoo Finance.
The delay stems from a June appeal filed by a class member who objected to the settlement, which the filing characterizes as having “substantially delayed” payments that were scheduled to start in July.
The settlement was approved by a federal judge in April, resolving claims that Capital One offered the 360 Savings Account while paying different interest than on the 360 Performance Savings Account, and that the bank did not adequately disclose that the original 360 Savings was no longer the high-yield option.
The eligible period runs from Sept. 18, 2019, to June 16, 2025, with automatic inclusion for qualifying account holders; Yahoo Finance reported that payments were initially planned to be sent around July 21, 2026 by check or electronically, but the appeal changes that schedule.