Tons of people who use a major bank in the United States were expecting to get a payout from a recent settlement.
However, said settlement just got rejected by a federal judge .
Reuters reports how U.S. District Judge David Novak of the Eastern District of Virginia rejected Capitol One’s $425 million settlement stemming from a class action lawsuit. According to Novak, the payout from the previously-approved agreement was too small, or, in his words, “neither reasonable nor adequate.”
This lawsuit concerns claims that the bank offered customers two similarly-named accounts — 360 Savings and 360 Performance Savings accounts — that paid very different rates. The bank was accused of “false or otherwise misleading” marketing of these accounts.
“The CFPB [Consumer Financial Protection

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