Millions of Capital One customers are in line for financial compensation after a Virginia court granted final approval of a class action lawsuit this week.
The settlement totals $425 million. The lawsuit alleges that Capital One created two savings accounts with nearly identical names — 360 Savings and 360 Performance Savings — that offered vastly different interest rates, without clearly communicating the distinction to customers.
"Capital One assured high returns with no catches, then pulled the rug out from under their customers and hoped nobody would notice," New York Attorney General Letitia James stated during the announcement of the lawsuit. Capital One has not admitted to any wrongdoing but has agreed to the settlement.
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