Capital One, one of the largest US banks, was accused of maintaining customers in its 360 Savings account, which paid as little as 0.3% interest, while offering a newer 360 Performance Savings account with rates exceeding 4%. The alleged practice cost customers over 18 billion Swedish kronor in lost interest payments, according to the Daily Mail.
Under the settlement, millions of customers will share 4 billion Swedish kronor. The bank must also raise the interest rate on 360 Savings accounts to match the high-yield accounts without requiring customers to switch. Lawyers for the customers called the settlement 'an excellent result'. However, Judge David Novak in Alexandria, Virginia, had rejected an earlier version as 'neither reasonable nor adequate' because it would have compensated customers with only a tenth of their losses.
an excellent result
Customers may be eligible for payment if they held a Capital One 360 Savings account between September 18, 2019 and June 16, 2025. The exact amount each customer receives will vary based on account duration, balance, and lost interest. It remains unclear how many customers are eligible, when payments will be distributed, or whether Capital One admitted wrongdoing.
neither reasonable nor adequate