On April 20, 2026, the Honorable David J. Novak of the U.S. District Court for the Eastern District of Virginia granted final approval of the Settlement secured by Wolf Popper LLP and co-counsel on behalf of Capital One 360 Savings accountholders nationwide. The Settlement provides expected relief of over $1.2 billion to the settlement class, including direct cash payments from the $425 million Settlement Fund and the requirement that Capital One match the interest rates on deposits for 360 Savings accounts and 360 Performance Savings accounts.
The lawsuit alleged that Capital One acted deceptively regarding the marketing and payment of interest on its 360 Savings account product. In 2013, Capital One introduced the online “360 Savings” account, which Capital One consistently advertised as its “high interest” savings account for the following six years. As of September 2019, as market interest rates were increasing, Capital One paid 1.00% APY on 360 Savings. However, on or about September 16, 2019, instead of continuing to raise interest rates on 360 Savings, Capital One abruptly pulled 360 Savings from its website and furtively substituted a new account called “360 Performance Savings,” which had identical features but a higher interest rate of 1.90% APY. Capital One left all existing customers in the inferior 360 Savings account, and never informed them that 360 Performance Savings was a new, different product paying a higher interest rate. Capital One also removed references to the 360 Savings account from its website entirely, maintaining the false impression that Capital One only offered the same, single high-interest online savings account, and concealing that 360 Performance Savings had in fact replaced 360 Savings as Capital One’s “high yield” savings account going forward.
The now-approved settlement followed substantial litigation efforts, including, among other things, the review of approximately 75,000 documents spanning approximately 2 million pages, 33 fact depositions, 6 expert depositions, 8 expert reports, various contested motions filed by the parties, and two separate face-to-face mediation sessions.