Capital One Deal Resolving ‘High Interest’ Suit Gets First Nod

Capital One NA‘s deal to pay $425 million to settle claims it misled 360 Savings account holders into believing that account was a high-interest savings product won preliminary approval from a federal court.

Under the deal, granted preliminary approval Monday by Judge David J. Novak of the US District Court for the Eastern District of Virginia, the settlement funds will be split into two parts: $300 million in cash and $125 million in additional interest for class members who keep their 360 Savings accounts.

Account holders said that Capital One duped them into thinking the 360 Savings account was ...