Capital One is settling a class action lawsuit brought against the bank holding company for allegedly freezing its savings account rates for several years, effectively barring customers from bagging billions in interest rate payments. The settlement means Capital One customers have a chance of being repaid for the lost payments. The deadline to get a part of the $425 million settlement is Thursday, Oct. 2. Although agreed upon, the settlement awaits court approval, as a hearing is scheduled for Nov. 6. H ...

Key Takeaways Eighteen states seek rejection of Capital One's $425M settlement with 360 Savings depositors.States argue the deal underpays customers who have lost billions in interest since 2019.A Nov. 6 hearing will decide on final approval, as legal challenges rise for Capital One.A bipartisan group of 18 U.S. states has proposed the rejection of Capital One’s (COF) $425 million settlement deal with depositors who accused the bank of using deceptive practices to make them think that they were earning the ...

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