Story perspectives

Judge OKs $425M Capital One Interest Settlement

4/25/2026

Summary

Story summary

Judge David Novak approved a $425 million settlement with Capital One over its 360 Savings accounts.
The lawsuit alleged Capital One paid lower interest on 360 Savings than on 360 Performance Savings.
Eligible members who held a 360 Savings account between Sept. 18 2019 and June 16 2025 will receive automatic payments around July 21 2026.
Each payout equals the missed interest, with $32 million allocated to attorneys’ fees and any surplus directed to Feed More.

History

Historical Context

The 2008 crisis prompted Congress to pass the Emergency Economic Stabilization Act on Oct 3 2008, creating a $700 billion Troubled Asset Relief Program that forced banks such as Capital One to improve consumer-interest disclosures. Those reforms saved about $2 billion a year and culminated in Judge David Novak’s 2026 $425 million settlement against Capital One for underpaying interest on its 360 Savings accounts.

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Story summary

Judge David Novak approved a $425 million settlement with Capital One over its 360 Savings accounts.
The lawsuit alleged Capital One paid lower interest on 360 Savings than on 360 Performance Savings.
Eligible members who held a 360 Savings account between Sept. 18 2019 and June 16 2025 will receive automatic payments around July 21 2026.
Each payout equals the missed interest, with $32 million allocated to attorneys’ fees and any surplus directed to Feed More.

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