In July 2019, Capital One informed its customers that millions of them had their information compromised when a third party accessed bank systems. Although the perpetrator was captured by the Federal Bureau of Investigation (FBI), sensitive information such as names, birth dates, addresses, phone numbers, credit scores, contact information, credit balances, payment history, and even Social Security numbers were compromised.
Customers affected by the data breach swiftly took legal action against Capital One, arguing the bank violated its duties to protect consumer information.
Capital One hasn’t admitted any wrongdoing but agreed to pay $190 million to resolve the claims. Under the terms of the settlement, class members can collect a cash payment for out-of-pocket expenses and lost time.
The settlement allows reimbursement for up to $25,000 in out-of-pocket expenses related to the data breach. This includes money spent preventing identity theft or fraud, unreimbursed fraud charges, miscellaneous expenses, professional fees, and up to 15 hours of lost time at a rate of at least $25 per hour. These payments require detailed documentation including bank statements, invoices, and receipts.
The settlement also provides three years of identity defense services through Pango. These services provide dark web monitoring, identity monitoring, lost wallet protection, security freeze capabilities, $1 million in insurance, and other benefits.
The deadline for exclusion and objection is July 7, 2022. The final approval hearing for the settlement is scheduled for Aug. 19, 2022. In order to receive a payment or other benefits from the Capital One data breach settlement, class members must submit a valid claim form by Aug. 22, 2022.
For more information about Capital One Data Breach Settlement, click here.