Up to $25K Available: Capital One Users Can Still Claim Benefits from Data Breach Settlement
According to The Sun, Americans who were owed payments of up to $25,000 from a multi-million dollar Capital One settlement can still apply for benefits to protect their financial information. This follows a significant data breach that affected 98 million Capital One customers in 2019, exposing personal information of customers and credit card applicants.
Overview of the Data Breach and Settlement
The breach led to a class action lawsuit, resulting in a $190 million settlement that was approved in 2022. Customers were initially instructed to submit their claims by November 2022, with initial payments of up to $25,000 being distributed starting in September 2023. A second round of payments was issued last month, but the settlement is now officially closed.
Ongoing Services and Support
Despite the closure of the claims process, Capital One continues to offer services such as “identity defense” and “free restoration” for affected customers. According to a notice on Capital One’s website:
“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 eligible individuals to access support even after the claims deadline.
Also read: Next Week’s $943 SSI Payment: Who Qualifies for This Benefit?
Important Dates and Payments
The Order and Judgment Granting Final Approval of Class Action Settlement was issued on September 13, 2022. Key deadlines included:
- Claim Filing Deadline for Lost Time or Out-of-Pocket Losses: September 30, 2022
- Initial Payments Issued: Beginning September 28, 2023
- Second Payments Distributed: September 4, 2024
Claimants who requested Identity Defense Services should have received enrollment instructions via email. Those who did not receive an email can still enroll in the program.
Restoration Services and Extended Support
Restoration Services are available to all class members, regardless of whether they submitted a claim. Additionally, Pango services have been extended to all Settlement Class Members for an extra two years, totaling five years of service.
Implications for the Financial Sector
The Capital One settlement is expected to lead to significant improvements in data security measures across the financial industry. Financial institutions may increase their investments in cybersecurity and reassess fee structures to avoid similar legal challenges in the future, according to reports by ABC.
For affected individuals, accessing available services and monitoring their financial information remains crucial in the wake of this data breach.
