US EditionUS judge rejects Capital One $425 million settlement with depositors
- A federal judge rejected Capital One's $425 million settlement with depositors, stating it was too small and many account holders would continue to face financial harm.
- Judge David Novak highlighted that the proposed settlement offered less than 10% of the damages to 360 Savings depositors, which would not provide adequate relief.
- Eighteen states, including New York, opposed the settlement, citing ongoing concerns regarding depositor treatment by Capital One.
- Capital One's proposed $425 million settlement was deemed insufficient to fairly compensate account holders.
8 Articles
8 Articles
Federal Judge Rejects Capital One’s $425 Million Settlement With Depositors
A federal judge of the U.S. District Court for the Eastern District of Virginia rejected Capital One’s $425 million class action settlement with depositors who accused the bank of tricking them out of higher interest rates on Nov. 6, ruling that the payout was insufficient and that millions of depositors would continue to be shortchanged. According to a January complaint, the class action settlement stemmed from Capital One’s freezing of interes…
US judge rejects Capital One $425 million settlement with depositors
A federal judge rejected Capital One's $425 million settlement with depositors who said they were cheated out of high interest rates, saying the payout was too small and millions of account holders would continue to be short-changed.
Judge rejects $425M settlement in Capital One class action
Capital One must reengage in settlement talks with lawyers for savings account holders after a judge ruled that an agreement between the two sides failed to provide adequate compensation to customers who were allegedly victimized by the bank.
Judge Rejects Capital One $425M Settlement, Demands ‘Significantly Greater Relief’
In a dramatic twist to a closely watched banking case, a Virginia federal judge has rejected Capital One’s proposed $425 million settlement, declaring that the deal shortchanges millions of customers who accuse the bank of deceptively marketing its 360 Savings accounts. U.S. District Judge David J. Novak on Thursday refused to approve the agreement, saying Judge rejects Capital One $425M settlement, ruling customers deserve far greater financial
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