Don’t Settle: Capital One Users Could Claim Up to $25K in $190M Data Breach Settlement

According to The Sun, Americans owed payments of up to $25,000 as part of a multi-million dollar settlement with Capital One can still apply for benefits aimed at protecting their financial information. This settlement follows a major data breach that affected approximately 98 million Capital One customers in 2019.

Background on the Data Breach

The 2019 breach exposed the personal information of customers and credit card applicants, leading to a class action lawsuit. This resulted in a $190 million settlement, which was approved in September 2022. Customers were originally instructed to submit their claims by November of last year, with initial payments being distributed in September 2023.

Payment Timeline

Eligible claimants received payments up to $25,000 starting September 28, 2023, and a second round of payments was issued on September 4, 2024. While the settlement process is officially closed, Capital One is continuing to offer valuable services to affected customers.

Ongoing Support Services

Despite the closure of the claim filing period, Capital One is providing ongoing “identity defense” and “restoration” services. A notice on the company’s website states:

“The Settlement is final and the claims process is closed. The only active benefits currently available to Settlement Class Members are Identity Defense Services and/or Restoration Services provided by the Settlement.”

These services have been extended through February 13, 2028, allowing customers to benefit from additional support related to identity theft and restoration.

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Enrollment for Identity Defense Services

Claimants who opted for Identity Defense Services should have received instructions via email on how to enroll. However, those who did not receive this communication can still enroll in the program. Restoration Services are available to all class members, regardless of whether they submitted a claim.

Extended Services and Future Implications

Pango services, which are part of the settlement, have been extended for an additional two years, totaling five years of service for all settlement class members. The Capital One settlement is expected to encourage improvements in data security measures across the financial sector. As a result, financial institutions may invest more in cybersecurity and reassess their fee structures to prevent similar legal issues in the future.

In conclusion, while the claims process is now closed, Capital One continues to provide essential services to protect affected customers, highlighting the importance of cybersecurity in today’s digital landscape.