Final approval of the class action complaint was given by the Court to Capital One Accountholders who claim they were unfairly charged representment fees between September 1, 2015, and January 12, 2022. In accountholder terms, representation fees are the unrefunded NSF (non-sufficient funds) fees or overdraft costs for checks or ACH debits that were returned to the bank for insufficient funds and then represented to the bank at a later date.
The class action complaint was filed against Capital One on January 24, 2019, and it included allegations of contract breach, implicit covenant violations of good faith and fair dealing, violation of New York General Business Law Section 349, and unjust enrichment. Class members were represented in the intense litigation process that lasted for more than 2.5 years by Andrea R. Gold of Tycko & Zavareei LLP and co-counsel.
Capital One Class Action Settlement [$16 Million]
Due to a huge data breach that happened in 2019, Capital One Bank reached a significant class action settlement in 2024, compensating the impacted clients. A possible financial loss resulted from this incident, which exposed the financial and personal information of almost 98 million individuals.
Individual claimants may get up to $25,000 for their damages as part of the $190 million settlement. Here is all the information you require about the Capital One Class Action Settlement 2024 Payment Dates, qualifying requirements, and how to submit a claim for compensation if you are a Capital One customer who was impacted by this data breach.
Capital One Class Action Final Hearing 2024 Details
| Name | Capital One Bank |
| Eligible for | 98 Million claimants |
| Lawsuit | Data breach |
| Claim Amount | USD 190 million |
| Per individual settlement | USD 25000 |
| Final approval Date | September 13, 2022 |
| Payment date | September 4, 2024 |
| Official Website | www.capitalonesettlement.com/en |
What is Case and Representation fee
- The principal claims of this class action lawsuit are that Capital One imposed “representation fees” on some transactions without authority and broke agreements with its account holders. This legal dispute started because the bank is allegedly charging account holders unnecessary fees.
- Representation costs are the central focus of the settlement. According to the settlement, these fees are defined as charges made to the account holder for an ACH (Automated Clearing House) transaction or a represented check, after Capital One had previously returned the check or ACH for lack of funds and assessed a nonsufficient funds (NSF) fee at the time of the initial presentment.
- Plaintiffs in the action contend that when clients produced checks or ACH debits, Capital One ought to have reimbursed these costs. Capital One has consented to resolve the lawsuit by giving the impacted consumers a $16 million settlement, although not acknowledging any wrongdoing.
Payment Amount and Date
It should be noted that you will get the payment depend upon the number of qualified customers who take part; the $16 million will be given out pro rata. The entire amount paid to the consumer will be about $10,308,909.16 when other fees and legal charges are taken into consideration. The settlement’s final approval hearing is set for July 15, 2024, and payments are anticipated to be made within 60 days of that date. But the payment schedule might be postponed if there are any complaints.
Eligibility and Claiming Process
The procedure for obtaining your share of the settlement is very simple. This class action settlement does not need you to take any action, in contrast to many others where you have to register your claim by filling out forms. Should you meet the requirements and choose not to withdraw from the settlement, you will be paid out right away. If you would like to object or remove yourself from the settlement, you had until June 17, 2024 to do so.
The official settlement website provide instructions on how to do this. If a “representation fee” was assessed on your Capital One account between September 1, 2015, and January 12, 2022, you qualify. The total amount of money that each claimant will receive is still unknown because it will rely on the total number of qualified applicants.
Capital One Bank Settlement 2024 latest updates
- Second Round of Payments– In the data breach settlement that commenced on September 4, 2024, Capital One has started paying eligible claims in a second wave. People who took their first payment were automatically added to the distribution that was to come.
- Representment Fees Settlement Timeline– The settlement of $16 million in representation fees is scheduled for final approval hearing on July 15, 2024. It is projected that the settlement’s payments will be made within 60 days of the final approval, which should happen in September or October 2024.
- Claim Verification Process– For the data breach and representment fees settlements, settlement administrators are now confirming claims and calculating payout amounts. This includes evaluating claims for accuracy and completeness and figuring out payments according to the quantity and value of fees assessed within the allotted time frames.
- Guidance for Affected Consumers– It is advised that impacted customers wait patiently while the reimbursement procedure proceeds. People should be on the lookout for correspondence on their payments from Capital One and the settlement administrators.
- Projected Shifts in the Industry– Improvements in data security protocols throughout the banking industry are anticipated as a result of the Capital One Bank settlement, along with possible pricing structure changes. To avoid future legal problems of this nature, financial institutions might increase their investments in cybersecurity and review their pricing structures.
Juniper Leena is a lawyer and finance graduate. She loves to write articles about the USA economy and social security. In her free time, she enjoys playing chess. She is the head of the writing team at Fort Hunt Herald and reports to Niamh Prescott. She also completed her MBA in finance in 2018.
What if a person don’t have capital one anymore but had capital one in 2015 to 2019 how do the person get there share
Sylvia, how do I claim?
To whom this may concern I was harassed about payments, late fees etc. I was also charged high interest fees after I made payments
I was sent a card in the mail with my unique ID and such. I filled out a claim, recieved a reply with my confirmation and when they laid out, they informed me they didn’t have any information for my claim.