Capital One class action settlement overview:
- Who: Attorneys general from 18 U.S. states filed an amicus brief opposing a proposed class action settlement in a class action lawsuit targeting Capital One.
- Why: The AGs argue the settlement is not fair, reasonable or adequate and would allow Capital One to continue its deceptive practices.
- Where: The class action lawsuit was filed in Virginia federal court.
Attorneys general from 18 states have filed an amicus brief opposing a proposed class action settlement made to end claims Capital One deceptively advertised its 360 Savings accounts.
Capital One is accused of cheating its customers out of more than $2 billion in unpaid interest by marketing its 360 Savings account as a high-interest savings account when, in reality, the account pays significantly lower interest rates than its 360 Performance Savings account.
The proposed Capital One class action settlement, meanwhile, would provide $125 million in future “additional interest” payments to customers with 360 Savings accounts and $300 million in direct cash payments to class members.
The AGs, however, argue the settlement is not fair, reasonable or adequate, and that the deal would perpetuate an alleged two-tier scheme and allow Capital One to continue profiting from the artificial distinction between the two accounts.
They further allege that the additional interest payments offer illusory value because they would still be significantly lower than the 360 Performance Savings rate.
Capital One settlement is inadequate, AGs argue
The Capital One class action settlement is also inadequate, the AGs argue, given the strength of the claims released, and the fact that the plaintiffs in the complaint “have largely prevailed on the motions decided by the court.”
The AGs urged to reject the proposed settlement and to ensure that any settlement reached does not preclude governmental entities from exercising their sovereign enforcement powers regarding Capital One’s alleged unlawful and deceptive acts and practices.
The AGs also argue that the settlement should be amended to include an express carveout for claims and remedies belonging to governmental entities.
As it stands, the proposed class action settlement benefits anyone who maintained a Capital One 360 Savings account between Sept. 18, 2019, and June 16, 2025.
Do you agree with the state AGs’ opposition to the Capital One class action settlement? Let us know in the comments.
The Capital One class action settlement is In re: Capital One 360 Savings Account Interest Rate Litigation, Case No. 1:24-md-03111-DJN-WBP, in the U.S. District Court for the Eastern District of Virginia.
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