Capital One Bank Settlement 2024 Payout Date – When to expect the payment?

The Capital One customers who have not opted out of the Capital One class action settlement will receive compensation money soon from the preliminarily approved settlement fund up to $16 million. Capital One customers expecting the payment can read the article to know the payout dates and other details.

Capital One Bank Settlement 2024 Payout Date

The Capital One class action lawsuit was about “Representment fees,” charged to Capital One account holders for some transactions. The plaintiffs claim the defendant violated their account terms by failing to refund the Overdraft fee NSF fee charged to customers when they presented the ACH debits and checks. 

Capital gains tax

The defendant agrees to the settlement of $16 million to settle the lawsuit and compensate the affected customers. The court has given the preliminary approval for the settlement recognizing the settlement as fair and reasonable for the class members.

Capital One customers can expect the payment within 60 or 90 days of the final settlement approval if no objection or appeal is filed against the settlement. 

The final hearing of the Capital One settlement is scheduled for 15 July 2024 at 10 AM in the US district court for the Eastern District of New York. So, if the settlement gets approved, the class members can receive the payout around the end of 2024. 

Who will receive the Capital One Bank Settlement 2024?

Capital One customers who meet the following eligibility requirements will receive the upcoming Capital One Bank settlement:

  • You have paid the “Representment fees” on the Capital One Bank checking account between the class period 1 September 2015 to 12 January 2022. 
  • You have not excluded yourself from the settlement before 17 June 2024. 

The class members who fulfill the requirement of a class action lawsuit must have already received the notice agreement after the preliminary approval of the Capital One Bank settlement with terms and conditions. 

The class members who did nothing will automatically receive the credits or cash payments decided by the administrator after the final approval of the court on the Capital One proposed settlement of $16 million. 

Capital One Bank Settlement Distribution 2024 

The class members will not receive the final payment from the $16 million settlement fund, they will receive the payment from the Net Settlement fund, which is determined by the subtraction of all the expense costs and all other costs of the settlement. 

To get a clear understanding of the settlement fund, you must understand the following plan of distribution of Capital One $16 million settlement:

  • Attorney’s Fees and Cost: According to the notice, the class counsel will request the 33.33 settlement fund as the attorney’s fees and costs. The value comes to around $5401,090.84 if the court approves the settlement. The court has approved the expense of attorneys based on the risks involved in the case, the cost to prosecute the case, the quality of work, the time spent on the case, and the outcome in the preliminary approval. 
  • Service Award: The class representative who has filed the lawsuit in the first place will receive the service award up to $5000. 
  • Litigation costs: According to the notice, the litigation costs of the settlement are expected to be around $290,000.
  • Administration cost: The cost to administer the Capital One class action settlement will be deducted from the settlement fund. 

According to the notice, the Net Settlement Fund of the Capital One class action settlement will come to around $10 million ($10,308,909.16) after deducting all the above payments from the 16 million settlement fund. 

Capital One Bank Settlement 2024 Payout per person 

As we have said earlier, the eligible Capital One Bank customers will receive the payout from the Net Settlement Fund. The Net Settlement fund will be equally divided among the class members based on the number of eligible people and the number of representation fees paid by the class members. 

The payout per person in the Capital One class action lawsuit settlement is hard to guess until the number of eligible customers is known. The settlement administrator. Angeion Group may reveal the individual payout for the class members after the final approval or assessment of several people who choose to be excluded from the settlement by submitting the opt-out form before 17 June 2024. 

How will you receive the Capital One Bank Settlement 2024?

The class members who do nothing till the deadline to object or exclude themselves from the settlement will receive the assessed payout on the designated date after the final approval from the court. According to the notice, the class members will receive the credit to their Capital One accounts for the settlement amount. 

Capital One former customers who were affected by the Capital One account agreement violation during the class period will receive their entitled settlement payout in the form of a check at their address from the Settle administrator. 

The class members can attend the final hearing on 15 July 2024 to hear the judgment on the Capital One Bank settlement. However, class members don’t need to appear at the court unless they have objected and desire to present their views in front of the court. 

The Capital One Class action settlement is a win for many customers who were charged with unlawful fees during the class period even though the Bank does not admit their fault.

The customers who have received the class action notice can expect the payment credited to their account or a check within 60 or 90 days of final approval if no one appeals or objects to the settlement, which could halt the settlement proceedings. 

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