Capital One $425M Settlement claim: Capital One has agreed to a huge $425 million settlement after a major data breach in 2019 that exposed the personal information of around 100 million people. The settlement also covers claims that the bank gave unfair interest rates on its 360 Savings accounts, misleading loyal customers. It is one of the biggest consumer settlements in recent years and is meant to give financial help to people who were affected, while also holding the bank responsible for its actions.
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What Happened in the 2019 Data Breach?
The 2019 data breach was one of the biggest and most talked-about hacks in banking. Hackers stole private information like Social Security numbers, credit details, and bank account data. After the attack many lawmakers and regulators were angry. They said Capital One did not fix its weak cloud security even after being warned and failed to keep customers’ personal data safe..
Along with the data breach issue, customers also accused Capital One of giving lower interest rates on old 360 Savings accounts while advertising higher rates on new ones. This meant that long-time customers earned less than new ones. The lawsuit claimed that this practice was unfair and that the bank’s ads about savings returns were misleading.
Who can get the Settlement Money?
According to court documents, anyone who had an active 360 Savings account between September 2019 and June 2025 is eligible to get a share of the $425 million settlement. Customers do not need to file any extra forms or claims. Payments will be made automatically to those who qualify.
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The customers however need to make sure that their payment information is correct on the official settlement website by October 2, 2025. The money will be sent either directly to their bank account or through a paper check, depending on their preference. Even people who have closed their 360 Savings accounts since then will still get their share as a one-time payment.
Those who want to take separate legal action or disagree with the settlement terms can opt out by the same October 2 deadline. The final court approval is still pending and the payments will be made after that process finishes.
What the Settlement Covers?
The $425 million settlement is meant to cover both the losses caused by the 2019 data breach and the claims related to the low interest rates on 360 Savings accounts. Legal filings show that the agreement also requires Capital One to improve its data protection systems and be clearer with customers about account details and interest rates.
