You might heard of the blunder that happened with Capital One in 2019. The Capital One company had faced the most substantial data breach. This data violation is big at that time in the history of financial history. Due to the data breach at Capital One, the sensitive and personal information of customers has been exposed. Personal information like the name of the customer, address, credit scores, and even their social security numbers along with the bank details becomes public. It is estimated that the bank made vulnerable the data of nearly 98 million customers in 2019.
The customer faces identity theft as their data becomes public now. The chance of financial fraud increases and Capital One faces class action lawsuits of $190 million. The settlement of the Capital One class action was done in 2022. Most of the people have received the money as compensation from Capital One. Capital One has said that they will continue the benefit for the affected people till 2028.
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Tale of Capital One Class Action Settlement
Customers who file class actions against Capital One have faced many tangible and intangible side effects of data breaches. Capital One has distributed the said amount to the affected customer and the company promised the customer to protect their data in the future.
Financial Compensation for Losses
Capital One has provided compensation to the customers who faced any kind of loss due to the data breach at Capital One. The types of losses a person faces are given below for which the claim has been provided by Capital One.
- Out-of-Pocket Losses: If any customer faces any kind of financial loss like unauthorized transactions in their accounts or they face credit monitoring services, they are eligible to file the claim at Capital One.ย
- Lost Time Compensation: The people who lost their time when they knew about the data breach to protect their data also come in the category of claim benefit. So apply for the Capital One claim. The claim will be given on an hourly basis, like how many hours you have wasted.ย
- Maximum Payouts: The Capital One has come to a settlement that a person can apply for the maximum amount of $25000.
Capital One has directed the people to submit the application forms for the claim until 30 September 2022. The eligible customer received the claim amount in September 2023. There is another round of Capital One claim distribution that happened this year in September 2024.
Continuing Support for Capital One Settlement Class Members
Capital One has closed the settlement process and promised to protect the data of the customers in the future.
- Identity Defense Services: The customers who get the claim from the company are eligible for the Identity Defense Services. This service provides credit monitoring and alternative facilities to the customer. Any unusual activity will be checked immediately and alters/warnings will be sent to the customer. The customer can continue their service with Capital One without any fear.
- Restoration Services: The person who forgets to file the claim to Capital One or does not know the claim process, those persons are also included under the restoration service. Those customers also be helped in the recovery process of their lost data. Capital One will help them to find any unauthorized activity with their account or misuse of their data.
- Service Extensions: Capital One will provide these services to the customers until 13 Feb 2028 just to make sure that the customer gets full support from Capital One.ย
Key Milestones in the Settlement Process
The timeline of the settlement of Capital One is given below.
| Event Name | Event Date | Details of the Event |
|---|---|---|
| Data Breach Occurred | in 2019 | Unauthorized access to the personal data of 98 million customers of Capital One. |
| Settlement Approval | 13 SEP 2022 | The court has approved the settlement of $190 million for the customers. |
| Claims Submission Last Date | 30 SEP 2022 | This is the last date to submit the Capital One claim form. |
| Initial Payments Distributed | 28 SEP 2023 | The eligible customer has received the payment for the Capital One claim in the first round |
| Second Payments Distributed | 04 SEP 2024 | The eligible customer has received the payment for the Capital One claim in the second round |
| Services Extended Upto | 13 FEB 2028 | Capital One will keep providing the Identity Defense and Restoration Services to the class action customers. |
Looking Ahead
People who face problems due to the data breach at Capital One are well paid by the company. The Capital One company also promised to keep supporting all the class action customers till 2028 and will ensure that there should be no illegal activity in bank accounts. The court has given the decision in the favour of customers and they all get the benefit. All of the customers whose data gets public must look for suspicious activities in their account and report the Capital One. Although Capital One has implemented the warning system for all of the class action accounts.