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Individuals who participated in the Capital One Financial Corp. associate savings plan at any time between Nov. 11, 2018, and Jan. 13, 2026, may qualify to receive a cash payment from a $9.6 million class action settlement.
Capital One Financial Corp. agreed to pay $9.6 million to settle a class action lawsuit. The lawsuit alleged Capital One improperly managed forfeitures in its employee retirement plan by using unvested employer contributions to fund matching contributions rather than to pay plan administrative expenses, which plaintiffs claimed violated the Employee Retirement Income Security Act.
Who is eligible for a Capital One payout?
Class members are individuals who participated in the Capital One Financial Corp. associate savings plan at any time between Nov. 11, 2018, and Jan. 13, 2026. This also includes:
- Any beneficiary of a deceased person who participated in the plan during this period
- Any alternate payee, such as someone subject to a qualified domestic relations order, who participated in the plan during the qualifying period
How much will the settlement payments be?
Pro rata cash payment: Eligible class members will receive a pro rata cash payment from the net settlement fund. The settlement administrator will determine the final payment amount by the number of years each class member had a positive account balance and the total number of eligible class members during the class period.
Former plan participants with a calculated settlement payment amount of $5 or less will not receive a payment.
No claim form required
Eligible class members do not need to file a claim to receive a payment. Former participants can contact class counsel with updated address information.
Payout options
- Current plan participants with an active account in the plan will receive their payment deposited directly into their account.
- Former participants will receive a paper check mailed to the address on file with the plan.
$9.6 million Capital One settlement fund
The $9,600,000 settlement fund will include:
- Settlement administration costs: To be determined
- Attorneys’ fees: Up to $3,200,000
- Attorneys’ expenses: Up to $50,000
- Service awards to class representatives: Up to $5,000 each ($45,000 total)
- Payments to eligible class members: Remaining settlement funds
Important dates
- Final fairness hearing: June 25, 2026
When is the Capital One ERISA settlement payout date?
The settlement administrator will issue payments to eligible class members after the court grants final approval of the settlement.
Why did this class action settlement happen?
The class action lawsuit alleged Capital One violated federal law by using forfeited, unvested employer contributions to fund matching contributions rather than to pay plan administrative expenses. The plaintiffs claimed this practice breached fiduciary duties under ERISA.
Capital One denied the allegations but agreed to settle to avoid the risk and expense of further litigation and a possible trial.
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