Cases & Investigations
Capital One, N.A. and Capital One Financial Corp.
Type: Current Cases
Case Number: 1:23-cv-00890-RDA-JFA
Class Period: National Class plus subclasses on behalf of Mass., Penn., and Illinois residents. The classes are comprised of all Capital One 360 Savings accountholders.
Product(s): Online Savings Accounts
Court: United States District Court for the Eastern District of Virginia
A duty of good faith and fair dealing is implied into Capital One’s contract with its accountholders. Capital One breached that duty when it failed to increase the interest rate paid to 360 Savings accountholders and instead began offering a different online savings account to new customers that actually paid a high interest rate. Plaintiffs from Pennsylvania, Massachusetts and Illinois represent the proposed classes, each of whom was underpaid interest on their savings deposits: Scott Savett was underpaid approximately $200, Sherly Barnes was underpaid approximately $8,000, and Samuel Hans was underpaid $1,000. Plaintiffs and 360 Savings accountholders were entitled to interest rates determined by Capital One’s exercise of honest and good faith discretion.
In September 2023, Plaintiffs filed a Second Amended Class Action Complaint, asserting breach of contract; violations of the consumer protections statutes of Virginia, Massachusetts, Pennsylvania and Illinois; and claims for unjust enrichment and promissory estoppel. Plaintiffs seek monetary damages, injunctive and/or other equitable relief, declaratory relief, restitution and/or disgorgement of profits. Capital One filed a motion to dismiss in November 2023; the Court’s decision is expected in 2024.
Capital One 360 Savings accountholders who lost interest payments and who would like to discuss the investigation should contact Philip Black at (212) 451-9628 or pblack@wolfpopper.com or Timothy Brennan at (212) 451-9616 or tbrennan@wolfpopper.com.
Wolf Popper has successfully recovered millions of dollars for defrauded consumers. Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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Contact Instructions
- Phone: Chet Waldman – (212) 451-9624
- Phone: Philip Black – (212) 451-9628
- Phone: Timothy Brennan – (212) 451-9616
- Email: Outreach@wolfpopper.com
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