A Capital One $16 Million Settlement has been reached with Capital One for account holders who were allegedly subjected to unfair representment fees between September 1, 2015, and January 12, 2022. The lawsuit, filed in the United States District Court for the Eastern District of New York, accused Capital One of breaching contracts and consumer protection laws by imposing multiple Non-Sufficient Funds (NSF) or Overdraft Fees on a single transaction when it was reprocessed by the bank.
The settlement concludes over two and a half years of litigation, with Tycko & Zavareei LLP serving as one of the appointed Class Counsel firms. Eligible Capital One account holders are entitled to compensation from the settlement fund, which aims to offer relief to those who were wrongfully charged multiple fees on a single transaction.
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Eligibility for the Capital One $16 Million Settlement
The settlement is available to current and former Capital One account holders who were charged a represented fee between September 1, 2015, and January 12, 2022. If you fall into this category, you are likely eligible to receive a payment from the settlement fund. The specific amount each person will receive is not yet determined and will depend on the total number of eligible claimants.
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Capital One $16 Million Settlement Amount
Although Capital One has not admitted any wrongdoing, the bank has agreed to a settlement to avoid further litigation. The $16 million settlement fund will be used to compensate affected account holders, cover legal fees, and provide for any court-ordered service awards.
The distribution of the settlement fund will be done on a pro-rata basis, meaning the amount each eligible class member receives will be proportional to the number of fees they were charged.
Automatic Payment Distribution
A key aspect of this settlement is that eligible class members do not need to take any action to receive their payment. Payments will be made instantly if the settlement is approved. Current account holders will receive their share as an account credit, while former account holders will receive a physical check by mail. This means you will receive a payment if you do not opt out of the settlement.
Options for Class Members
While no action is required to receive a payment, class members have the option to opt out of the settlement or object to its terms.
Opting Out
If you choose to opt out of the settlement, you will not receive any payment or account credit. However, opting out allows you to retain the right to pursue individual legal action against Capital One for the same claims. If you believe pursuing individual legal action is in your best interest, opting out may be the right choice for you.
Objecting to the Settlement
If you believe the settlement is unfair or inadequate, you can file an objection with the court. Your objection must explain why you think the court should reject the settlement. If the court overrules your objection, you will still receive a payment and will not be able to pursue separate legal action against Capital One for the claims covered by this class action.
How to Receive Your Share of the Capital One $16 Million Settlement
Capital One has reached a $16 million class-action settlement with customers claiming unlawful fees. Since the payment will be made automatically, no claim is necessary. If the settlement is approved, eligible class members will receive their share without needing to take any action. Current account holders will receive their share as an account credit, and former account holders will receive a physical check by mail. As long as you do not opt out, you will receive a payment.
Important Deadlines
Be mindful of these critical deadlines if you wish to opt-out or object to the settlement:
| Date | Event | Details |
|---|---|---|
| June 17, 2024 | Deadline to Opt-Out of Settlement | Opt-out requests must be submitted by this date to avoid receiving a payment. |
| June 17, 2024 | Deadline to File Objections | Objections must be filed by this date. |
| July 15, 2024 | Final Approval Hearing | The court will review and approve the settlement terms at 10:00 a.m. EDT. |
FAQs
What was the payout for the Capital One settlement?
The settlement amount was $190 million, aimed at compensating those affected by the 2019 data breach.
How do I know if I’m part of the Capital One settlement?
To confirm whether you are a Settlement Class Member and eligible for benefits, call 1-855-604-1811 (Toll-Free).
What is the Capital One $200 million commitment?
The Capital One Impact Initiative is a $200 million, multi-year commitment to support growth in underserved communities and advance socioeconomic mobility by addressing gaps in equity and opportunity.