Capital One will pay $425 million to settle a nationwide lawsuit alleging it defrauded savings account holders. The settlement, filed in a Virginia court, addresses claims that Capital One failed to adequately advertise higher-yield savings accounts, misleading customers about interest rates. Depositors alleged Capital One deceptively promoted lower-rate accounts while offering significantly higher rates on other accounts. The settlement is subject to judicial approval.

Prepared by Christopher Adams and reviewed by editorial team.