Capital One Bank Settlement $25,000 Per claimant Claim Process In 2024: Know Eligibility

In 2024, Capital One Bank reached a significant class action settlement to compensate customers affected by a massive data breach that occurred in 2019.

This breach exposed the personal and financial information of around 98 million people, leading to potential financial losses. As part of the settlement, $190 million has been allocated, with individual claimants eligible to receive up to $25,000 for their losses.

If you’re a Capital One customer affected by this data breach, here’s everything you need to know about the settlement, eligibility criteria, and how to claim your compensation.

Capital One Bank Settlement

• Settlement Amount: $190 million
• Potential Payout per Person: Up to $25,000
• Number of Eligible Claimants: Approximately 98 million people
• Start Date for Payments: September 27, 2023
• Eligibility: U.S. citizens affected by the 2019 data breach
• Deadline for Claims: To be announced (check for updates on Capital One’s settlement page)

Background of the Lawsuit

The lawsuit stems from the 2019 Capital One data breach, where a former employee of Amazon Web Services exploited a vulnerability in Capital One’s servers, exposing sensitive customer information.

The stolen data included names, addresses, credit scores, transaction data, and Social Security Numbers.

The plaintiffs argued that Capital One failed to protect their data, leading to financial and personal harm from fraudulent transactions and identity theft. While Capital One did not admit any wrongdoing, it agreed to settle the claims to avoid a lengthy court battle.

Eligibility for the Settlement

To qualify for the Capital One Settlement 2024, you must meet certain criteria:

1. Affected by the Data Breach: You must be one of the individuals whose information was compromised in the 2019 breach.
2. Victim of Fraud or Identity Theft: You should have experienced financial loss or had unauthorized transactions as a result of the breach.
3. Residency: You must be a U.S. resident who was a Capital One credit card or banking customer at the time of the data breach.
4. Claim Submission: You need to submit a valid claim form by the deadline (which is yet to be fully announced) and provide the necessary documentation to support your claim.

How Much Can You Claim?

The settlement provides up to $25,000 per claimant to cover out-of-pocket expenses and related financial losses due to identity theft or fraud. However, the actual amount you may receive depends on:

• Documented Financial Losses: You must provide proof of financial loss, such as fraudulent transactions, costs for identity theft protection, or legal fees.
• Lost Time: You can also claim compensation for time spent dealing with fraud or securing your identity, such as contacting banks or credit monitoring agencies.
• Pro-Rata Distribution: If the number of valid claims exceeds the available settlement funds, the compensation amount per claimant could be reduced proportionally.

Covered Expenses

Expense Type	Example Costs
Identity Theft Services	Costs of credit monitoring and fraud protection
Credit Freeze	Fees for freezing or unfreezing credit
Lost Wages	Time spent addressing fraud issues
Fraudulent Transactions	Out-of-pocket costs from unauthorized charges

How to File a Claim

To participate in the Capital One Bank Settlement and receive compensation, follow these steps:

1. Check Your Eligibility: Review the terms of the settlement to ensure you qualify based on your data being compromised in the 2019 breach.
2. Fill Out the Claim Form: Submit the Capital One Bank Settlement Form 2024, which is available online. If you prefer, paper forms are also available for mail submissions.
3. Provide Documentation: You’ll need to supply documentation that supports your claim, including receipts, bank statements, or any correspondence proving financial loss.
4. Submit Your Claim: Ensure that you file your claim before the deadline. The settlement website will have updates on the exact deadline, which is expected to be set in 2024.

Payment Date and Process

Capital One began processing settlement payments starting on September 27, 2023, and this process is still ongoing. However, the bank has not provided a specific end date for when all payments will be completed.

If you’ve filed a claim but haven’t received your payment yet, be patient, as the process is gradual.

Once your claim is approved, you will receive your payment through the method you selected when submitting your claim. This could be through direct deposit, a check, or another payment method.

What If You Haven’t Received Your Payment Yet?

If you haven’t yet received your settlement payment, it’s important to ensure that your claim was filed correctly and all required documents were submitted. Keep in mind:

• Payments are ongoing, so delays may occur as claims are processed.
• Stay Updated: Check the official settlement website for updates on payment timelines and any further instructions.

Key Takeaways

• Capital One agreed to a $190 million settlement for the 2019 data breach affecting approximately 98 million people.
• Eligible claimants can receive up to $25,000 in compensation, depending on their financial losses and documentation.
• The settlement covers out-of-pocket losses related to fraud, identity theft, and security measures taken after the breach.
• Payments began on September 27, 2023, but are being made gradually, with no final completion date yet announced.

FAQs