Capital One is settling a class action lawsuit brought against the bank holding company for allegedly freezing its savings account rates for several years, effectively barring customers from bagging billions in interest rate payments.

The settlement means Capital One customers have a chance of being repaid for the lost payments. The deadline to get a part of the $425 million settlement is Thursday, Oct. 2.

Although agreed upon, the settlement awaits court approval, as a hearing is scheduled for Nov. 6.

Here's everything you need to know about the lawsuit and getting a piece of the settlement.

Who sued Capital One?

The $425 million settlement stems from a class action lawsuit filed in the U.S. federal court in Alexandria, Virginia, against Capital One by customers in 2024, according

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