Customers of Capital One who have not yet chosen to opt out of the Capital One class action settlement will soon get money from the settlement fund that has been tentatively approved to cover up to $16 million. Customers of Capital One who are waiting for their payment can read the story to find out when it will be sent and other information.
Date of Payment for the Capital One Bank Settlement in 2024
A group of people who had accounts with Capital One sued over “Representation fees,” which were charged for certain activities. The plaintiffs say the defendant broke the terms of their account by not returning the Overdraft fee NSF fee that was charged to customers when they showed the ACH debits and checks.
Capital gains tax
The defendant agreed to pay $16 million to end the case and make things right for the customers who were hurt. In its final approval, the court said that the settlement was fair and reasonable for the people in the class.
Customer of Capital One can expect to get their money within 60 to 90 days of the final deal being approved, as long as no objections or appeals are made against it.
The last meeting for the Capital One settlement is set for July 15, 2024, at 10 a.m. in the Eastern District of New York US District Court. If the deal goes through, the class members should get their money around the end of 2024.
Who will get the 2024 Capital One Bank Settlement?
Customers of Capital One who meet the following conditions will be able to get 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.
For a class action lawsuit to be valid, all members of the class must have gotten the notice agreement after the Capital One Bank settlement terms and conditions were approved in a preliminary round.
After the court approves the $16 million settlement offer from Capital One, the class members who did nothing will automatically get the credits or cash payments that the administrator chose.
Capital One Bank Settlement Distribution in 2024
The class members will not get the final payment from the $16 million settlement fund. Instead, they will get it from the Net Settlement fund, which is found by taking all of the settlement’s costs and expenses and subtracting them.
Before you can understand the settlement fund, you need to know how the $16 million payout from Capital One will be split:
- 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.
The letter says that after all of the above payments are made from the settlement fund of $16 million, the Net Settlement Fund of the Capital One class action settlement will be about $10 million ($10,308,909.16).
Capital One Bank Settlement 2024 Payout per person
Just like we said before, the Net Settlement Fund will pay out to qualified Capital One Bank customers. There will be an equal split of the Net Settlement Fund among the class members based on the number of qualified people and the number of representation fees paid by the class members.
Before knowing how much each person will get in the Capital One class action lawsuit deal, it’s hard to guess how much each person will get. The person in charge of the settlement. Angeion Group may share the amount of money each class member will get after the final approval or evaluation of several people who choose to be left out of the settlement by sending in an opt-out form before June 17, 2024.
Must Read:
- Capital One Settlement Update 2024: Are You Getting What You Deserve?
- Capital One 2024 Class Action Lawsuit: Comprehensive Overview
How will you receive the Capital One Bank Settlement 2024?
People in the class who don’t object or opt out of the settlement by the deadline will get their money on the date set by the court after the deal has been approved in full. From what the letter says, the settlement amount will be credited to the accounts of the people in the class.
Former Capital One customers who were affected by the breach of the Capital One account agreement during the class period will get a check in the mail from the Settle agent for the amount they are owed in the settlement.
People in the class can go to the last meeting on July 15, 2024, to hear the decision about the Capital One Bank settlement. But people in the class don’t have to show up at court unless they have a good reason to be there and want to say what they think.
The Capital One class action deal is good news for many customers who were charged unfair fees during the class period, even though the bank doesn’t say they were wrong.
Customers who got the notice of the class action can expect to get the money deposited into their account or mailed to them within 60 to 90 days of the settlement being approved, as long as no one objects or appeals, which could stop the settlement process.
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