The Capital One data breach in July 2019 was one of the largest cybersecurity incidents in the financial sector. It exposed sensitive personal and financial data of over 98 million individuals, leading to a class-action lawsuit. As a result, Capital One agreed to a settlement worth $190 million to compensate affected customers.
This guide provides a detailed breakdown of the Capital One class-action settlement, including eligibility criteria, compensation details, and payment status updates.
Understanding the Capital One Class Action Settlement
Capital One reached a settlement agreement to provide financial compensation to individuals whose data was compromised in the breach. The breach led to unauthorized access to personal details, including Social Security numbers, bank account information, and credit details. Many affected customers faced potential identity theft risks and fraudulent transactions.
The class-action settlement ensures accountability for financial institutions while offering financial relief to those impacted by the breach.
Key Details of the Settlement
To help you understand the specifics of the settlement, here’s a breakdown of the main details:
| Details | Information |
|---|---|
| Company Under Lawsuit | Capital One |
| Affected Clients | 98 million |
| Total Settlement Amount | $190 million |
| Category | Finance |
| Payment Distribution Date | To Be Announced |
| Official Website | Capital One Settlement |
Compensation and Payment Details
Eligible claimants can receive different forms of compensation based on their losses. The settlement covers direct financial reimbursement and additional protective measures for affected customers.
- Financial Reimbursement
- Affected individuals can receive up to $25,000 in compensation for documented financial losses related to the breach.
- This includes unauthorized transactions, fees for freezing/unfreezing credit reports, and professional services hired for identity restoration.
- Lost Time Compensation
- Individuals who spent time addressing issues caused by the breach can receive $25 per hour for up to 15 hours.
- Identity Theft Protection
- Eligible claimants can enroll in Identity Defense Services to protect against future fraud risks.
- Free credit monitoring and identity theft insurance are available through February 2028.
Eligibility Requirements for the Settlement
To qualify for compensation, claimants must meet the following criteria:
- Account Holder Status: Must have had a Capital One account between September 1, 2015, and January 12, 2022.
- Residency Requirement: Must be a U.S. resident at the time of the breach.
- Proof of Financial Loss: Must provide documentation proving financial harm resulting from the data breach.
- Claim Submission Deadline: Claims had to be submitted before September 30, 2022.
Customers who failed to submit claims before the deadline are ineligible to receive compensation.
Capital One Settlement Payment Date
The exact date for settlement payments has not been finalized. However, payments were scheduled to be distributed in phases:
- First Round: September 2023
- Second Round: September 2024
- Final Round (Pending Confirmation): Expected in 2025
Claimants will receive payments via direct deposit or mailed checks, depending on their chosen payment method.
How to Check Your Payment Status
If you filed a claim, you can track your settlement payment through the following methods:
- Visit the CRA My Account: Log in to your Capital One settlement account to review payment updates.
- Check Email Notifications: EpiqPay.com will send email updates to claimants regarding payment status.
- Contact Capital One Support: The settlement administrator can provide updates on pending payments.
- Monitor Bank Statements: If you opted for direct deposit, check your transaction history.
- Mail Delivery Tracking: If you chose to receive a physical check, monitor your mail for settlement payments.
Financial Relief for Affected Customers
Class-action settlement funds cover multiple types of compensation:
- Reimbursement for Out-of-Pocket Expenses: Refunds for unauthorized transactions and related costs.
- Compensation for Lost Time: Up to 15 hours of compensable time spent addressing breach-related issues.
- Identity Theft Protection: Free fraud monitoring services to protect affected individuals.
Final Status of Claims and Uncashed Checks
- Claim Submission Deadline: The deadline for claims was September 30, 2022.
- Identity Defense Enrollment: Eligible claimants received instructions via email to enroll in protection services.
- Expired Settlement Checks: Uncashed checks are now void and will not be reissued.
How to Verify If You Were Affected
If you are unsure whether you were impacted by the breach, check your email for notifications from Capital One or visit the settlement website. Those affected include:
- Individuals with active Capital One accounts during the breach period.
- Customers who experienced financial losses due to fraudulent transactions.
- Individuals whose sensitive personal data, such as Social Security numbers and banking details, were exposed.
Conclusion
The Capital One class-action settlement offers financial relief to millions of affected customers. If you were impacted by the breach, staying informed about payment dates and security measures is crucial. Visit the Capital One Settlement website for the latest updates on compensation and identity protection services.
Frequently Asked Questions (FAQs)
1. What caused the Capital One data breach?
The breach occurred due to a vulnerability in Capital One’s security system, allowing an unauthorized party to access sensitive customer data.
2. How can I find out if I am eligible for compensation?
You can check your eligibility by visiting the Capital One Settlement website and logging in with your account details.
3. When will I receive my settlement payment?
The payment distribution is happening in phases, with the final round expected in 2025.
4. What should I do if I missed the claim submission deadline?
Unfortunately, if you missed the deadline, you are no longer eligible to receive compensation.
5. How do I enroll in Identity Defense Services?
Eligible claimants received enrollment instructions via email. You can also visit the official settlement website for details.
Click here to know more.
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