AG Brown today announced a new settlement that will require Capital One to provide $425 million in restitution and better interest rates for its 360 Savings customers who were cheated out of higher interest payments on their savings accounts for years. After Attorney General Brown joined a bipartisan coalition of attorneys general in opposing an earlier proposed class action settlement that did not deliver enough for Capital One customers who were wronged, this new settlement more than doubles the value of the earlier one. The court entered an order approving the new settlement and a stipulation and order between eight attorneys general, including Attorney General Brown, and Capital One.      

“For years, Capital One shortchanged Maryland consumers while steering new customers to much higher rates. In opposing the previous, unfair settlement, we pushed for a better agreement that returns millions more to Marylanders’ pockets.”  – AG Brown