Capital One customers have just six days to decide whether to opt out or object to receiving part of the bank’s $16 million settlement to resolve claims it charged illegal fees on some transactions.
Hundreds of plaintiffs argued that Capital One violated the terms of their accounts by failing to refund insufficient funds or overdraft fees on represented checks or ACH transactions. Although Capital One agreed to the settlement, it did so without admitting guilt.
Capital One: Crucial Decision for Customers in $16 Million Deal
The company and class action plaintiffs reached a settlement in a class action lawsuit alleging that Capital One breached its contract with account holders by improperly charging representation fees on certain transactions. These fees refer to unrefunded charges for insufficient funds or overdrafts on represented checks or ACH transactions.
By agreement between the parties, and to prevent litigation from proceeding further, a $16 million fund has been established to pay settlement class members, cover legal fees and costs, and any court-ordered service awards. Both current and former Capital One account holders may be eligible to receive a payment from the settlement fund.
Capital One Class Action Lawsuit — Agreement Details
Even if you do nothing, you will receive a check from this class action settlement.
The terms and deadlines for exercising these rights, as well as the details of the agreement, are explained in the frequently asked questions and detailed notice available on the agreement website.
If you take no action and the settlement is approved, you will receive a payment or account credit unless you opt out of the settlement. Now, if you wouldn’t like to receive this nice and not inconsiderable check, you can opt out of the settlement, which means you won’t receive any payment or account credit, but you will retain your individual claims against Capital One.
You can submit an objection explaining why you think the court should reject the settlement. If the court overrules your objection, you will be able to receive a payment or account credit and will not be able to sue Capital One for the claims in this action.
Key Dates
- June 17, 2024: Deadline for those who want to opt out of the agreement.
- June 17, 2024: Deadline to file objections against the agreement.
- July 15, 2024 at 10:00 a.m. EDT: On this day there will be the final approval hearing of the agreement.
The exact amount that each person will receive is not yet defined, since it depends on how many plaintiffs in the class action lawsuit there are in total, but it will certainly be a good amount for each of them, which they will be able to use at their discretion.
