Overview

• Key cutoff for payment selection, objections, or opting out has elapsed, with class members not required to file claim forms to receive payment.
• The proposed deal faces a Nov. 6 final approval hearing in federal court in Alexandria, Virginia, and Capital One continues to deny wrongdoing.
• The $425 million package allocates $300 million for cash payments and $125 million for higher future interest to customers who keep 360 Savings accounts open.
• Cash awards will be paid pro rata based on interest customers would have earned at 360 Performance Savings rates, with checks issued only for amounts above $5 and electronic payments available for any amount.
• New York Attorney General Letitia James, joined by 16 other attorneys general, has objected to the settlement’s adequacy, citing earlier CFPB allegations that customers lost more than $2 billion in interest.