Judge approves $425 million settlement against Capital One in interest rate case

A judge has approved a $425 million settlement against Capital One, which allows payments to be sent to eligible customers who held a 360 Performance Savings account between Sept. 18, 2019 and June 16, 2025. 

In 2019, Capital One began offering the Performance accounts, which offered higher interest rates than older 360 accounts. The lawsuit alleges that the company failed to inform its existing 360 Savings customers about the new, higher-rate accounts or that their older accounts weren't the best option for their savings, according to CBS News. 

Capital One denies any wrongdoing. 

Payments to eligible customers are based on how much extra interest they would have received if their older savings accounts were paying as much as the newer, similar products.