Recently, the American company, Capital One, has reached a $16 million class action settlement to deal with claims that it illegally charged fees on certain transactions, this settlement has relevant implications for both current and former Capital One account holders, the class action lawsuit against Capital One arose from allegations that the bank breached its contract.
The class action lawsuit against Capital One was brought over allegations that the bank had breached its contract with account holders and improperly collected and assessed proxy fees on some transactions, proxy fees refer to unreimbursed NSF (insufficient funds) fees or overdraft fees that were charged to an account holder for a represented check or ACH (automated clearing house) debit after the bank had already returned that check or ACH debit for insufficient funds and assessed an NSF fee on a past filing.
Here we explain the details of the Capital One Bank class action settlement, who is eligible, the important deadlines and what steps account holders should follow (or avoid) to be a beneficiary of the agreement.
Capital One Data Breach Class Action Settlement – Last Hearing Coming
The agreement benefits both current and former Capital One account holders, those who were charged a representation fee between September 1, 2015 and January 12, 2022, if you are a party to this category, you may be eligible to receive a settlement fund payment, the amount that each person will receive has not yet been determined, as it will depend on the total number of eligible applicants.
While Capital One has not accepted to have committed any wrongdoing, the bank agreed to reach a settlement to avoid further litigation.The settlement includes the creation of a $16 million fund for compensation of affected account holders, to cover legal expenses and to cover any compensation for services ordered by the court.
The exact amount that each member of the eligible class will receive from the $16 million settlement fund has not been agreed upon, the distribution will depend on the amount of representation fees that were charged to each person in the class during the period of the class action, the settlement fund will be divided proportionally, which means that the amount that each person will receive will be proportional to the number of fees that were charged to him.
How to Get a Share of the Settlement?
The payment will be made automatically, it is not necessary to make the claim, one of the most important aspects of this agreement is that the eligible group members do not take any action to receive their share of the payment, if the agreement is approved, the payments will be processed automatically, the current account holders will receive their share as a credit to the account, while the previous account holders will receive a physical check, which will be mailed to their, which means you’ll get paid as long as you don’t opt out of the deal.
