In 2021, Capital One agreed to a $190 million settlement following a 2019 data breach that exposed the personal information of approximately 98 million individuals.
This settlement aims to compensate those who suffered financial losses due to the breach. This article will guide you through the Capital One Bank Settlement 2024, including payment status, eligibility, claim process, and payment dates.
Overview of the Capital One Bank Settlement 2024
In July 2019, a significant security breach occurred when an unauthorized hacker accessed the personal details of millions of individuals who had applied for Capital One credit cards. This breach led to a class action lawsuit, resulting in a $190 million settlement in 2021. As part of this settlement, affected individuals are eligible for compensation for their losses.
Class Action Payment Status
As of 2024, the administration of the Capital One class action settlement has been actively processing payments to those who filed valid and timely claims. Eligible claimants are entitled to receive up to $25,000 per person to cover out-of-pocket losses and other expenses incurred due to the data breach. These payments are being distributed digitally via email, facilitated by the settlement administrator. Payments began on September 28, 2023.
Capital One Bank Settlement Eligibility
To be eligible for the Capital One Bank Settlement, individuals must meet specific criteria:
- Residency: Claimants must be U.S. residents whose personal details were accessed during the 2019 data breach.
- Notification: Eligible individuals should have received a notice informing them of their potential eligibility.
- Claim Submission: A valid and timely claim must have been filed before the deadline of November 27, 2023.
Claim Process
To receive the settlement payment, affected individuals had to follow these steps:
- Receive Notification: Potentially eligible individuals were notified about their eligibility.
- Submit a Claim: Complete and submit a claim form by the November 27, 2023, deadline.
- Verification: Claims were verified for eligibility and completeness.
- Payment Distribution: Verified claims are processed, and payments are distributed via email.
Capital One Settlement Payment Date 2024
The deadline to submit claims was November 27, 2023. Payments began on September 28, 2023, but delays in processing could affect the distribution timeline. The settlement administrator will notify eligible recipients of their payment status via email. It’s important for claimants to regularly check their email for updates on their payment status.
Additional Information
The Capital One data breach settlement is a federal compensation initiative to address the financial losses suffered by affected individuals. In addition to monetary compensation, recipients benefit from services like credit monitoring and identity theft protection to safeguard against future breaches. This settlement underscores the importance of data security and the need for companies to protect sensitive personal information. Affected individuals are encouraged to take advantage of the provided benefits to mitigate any potential long-term impacts of the data breach.
FAQs:
What was the cause of the Capital One data breach?
The data breach was caused by an unauthorized hacker accessing personal details of individuals who had applied for Capital One credit cards.
How much compensation can eligible claimants receive?
Eligible claimants can receive up to $25,000 per person to cover out-of-pocket losses and other expenses incurred due to the data breach.
When did the settlement payments begin?
Settlement payments began on September 28, 2023.
What is the deadline for submitting claims?
The deadline to submit claims was November 27, 2023.
