Capital One Fee Settlement of $16 million has been reached in the class action lawsuit claiming that the Capital One NA breached its contract with Accountholders and improperly assessed and collected Representment Fees on certain transactions.
Capital One agreed to pay a $16 million settlement to resolve claims it charged unlawful fees for returned check or ACH debit transactions. The settlement benefits current and former Capital One account holders whom the bank charged a representation fee between September and January.
The Class Representative Bob McNeil is an individual who is acting on behalf of current and past Capital One Account Holders who were assessed certain fees called Reprentment Fees from 1 September 2015 through 12 January 2022.
The Class Representative has asserted a claim for breach of the Account agreements. The complaint in this lawsuit is posted on the Settlement Website and contains all of the allegations and claims asserted against Capital One. Capital One maintains that it did nothing wrong but has agreed to settle the lawsuit to avoid cost delay and uncertainty of litigation.
There are eligibility criteria to claim capital one fee settlement:
The easiest way to submit a claim is online at the official website or you can complete and mail this claim form to the mailing address. The deadline for sending a letter to the Settlement Administrator to opt-out of the settlement is 17 June 2024.
There are steps to apply for the capital one fee settlement:
Capital One has agreed to create the Settlement of $16,000,000.00. A cash Settlement Fund of $16 million has been established to pay Settlement Class Member PAyments and any attorneys fees and costs and any Service Award ordered by the court.
As discussed separately below attorney’s fees estimated to be 33.33% of the value of the settlement or approximately $5,401,090.84, litigation costs estimated at $290,000 and a service award of $5,000.00 to the class representative will be paid of the Settlement.
Assuming all of those requested disbursements are approved in full by the court, the net settlement of approximately $10,308,909.16 will be divided among all settlement class members entitled to settlement class member payments based on a formula described in the settlement.
If you don’t do anything and the settlement is approved you will receive a payment or account credit from the settlement fund on 17 June 2024 as you do not opt-out of the settlement. You can choose to opt-out of the settlement. You will keep your individual claims against Capital One.
You may mail an objection to the settlement administrator, if the settlement is approved and your objection is overruled by the court then you may receive your payment on 17 June 2024. And then the final approval hearing from the court on 15 July 2024 at 10:00 a.m.
