Capital One $425 Million Settlement Gets First Nod (Correct)

A $425 million settlement resolving claims that Capital One NA duped customers into believing their savings accounts garnered higher interest rates than they actually received got a federal judge’s initial approval Monday.

Judge David J. Novak of the US District Court for the Eastern District of Virginia signed off on the deal after the parties amended it to require Capital One to match rates for class members who continue to hold the allegedly misleading accounts to those of a similar type of account.

A group of Capital One customers sued the financial services company for advertising its 360 Savings accounts ...