Deadline to claim part of $425M Capital One settlement is near. What to know.

Core Points - Capital One is settling a class action lawsuit for allegedly freezing savings account rates, preventing customers from earning billions in interest payments [1][4] - The settlement amount is $425 million, with a deadline for customers to claim their share by October 2 [1][4] - The settlement is pending court approval, with a hearing scheduled for November 6 [1] Lawsuit Background - The class action lawsuit was filed in 2024 in U.S. federal court in Alexandria, Virginia, by customers against Capital One [4] - The Consumer Financial Protection Bureau (CFPB) also sued Capital One earlier in the year, claiming the bank froze its rates despite rising national rates, resulting in over $2 billion in lost interest payments for customers [4][5] - The CFPB described Capital One's marketing of its 360 Savings account as misleading, claiming it offered "one of the nation's best" variable rates [5] Additional Legal Actions - New York Attorney General Letitia James filed a lawsuit against Capital One in May for misleading customers about interest rates [6] - On September 24, James led a coalition of 17 attorneys general opposing the proposed $425 million settlement, arguing it would shortchange customers and benefit Capital One [6]