Capital One customers expecting to receive a payment to resolve a class action lawsuit will have to wait a little longer for their compensation. A federal judge has rejected the financial service company’s $425 million settlement with depositors who claim they lost millions in potential interest. Both parties must now return to the negotiating table.
The ruling by Judge David Novak of the Eastern District of Virginia came at what was expected to be the final stage of the settlement, meant to resolve a lawsuit that accused Capital One of deceiving depositors with two similarly named savings accounts – 360 Savings and 360 Performance Savings.
The lawsuit claims that each account paid substantially different interest rates and customers were left in the dark about which account they held. P

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