Capital One Receives Preliminary Approval for $425M Settlement Over Alleged Underpayment of Interest on Savings Accounts

Capital One has received preliminary court approval for a $425 million settlement to resolve a class-action lawsuit over alleged underpayment of interest on its 360 Savings accounts from 2019-2025. The settlement includes $300 million in fees and payments to affected account holders and $125 million in additional interest for current 360 Savings account customers. This comes after the CFPB accused Capital One of misleading customers about offering "highest" interest rates.