The Capital One Bank data breach settlement has been a topic of significant interest among those affected by the massive cyberattack that exposed the personal information of millions of customers. This breach, which occurred in 2019, resulted in sensitive data such as Social Security numbers, credit scores, and bank account details being compromised. In response to this, Capital One agreed to a substantial settlement to compensate affected customers. As we move into 2024, many are wondering, “How much will I get from the Capital One Bank settlement?”
This article breaks down the settlement, eligibility, and how the payout amounts will be determined.
1. Background of the Capital One Data Breach
In March 2019, Capital One fell victim to a major data breach that exposed the personal information of over 100 million customers in the U.S. and 6 million customers in Canada. The breach involved sensitive information from credit card applications filed between 2005 and 2019. This included names, addresses, phone numbers, email addresses, dates of birth, and self-reported income. Some Social Security numbers, bank account numbers, and credit card information were also compromised.
The breach was discovered in July 2019, and Capital One immediately took steps to address the situation, working with law enforcement and cybersecurity experts. Despite these efforts, the breach sparked widespread concern about data security and led to numerous lawsuits.
2. The Settlement Agreement
In response to the breach, Capital One reached a settlement agreement to resolve the class-action lawsuits filed by affected customers. In 2022, Capital One agreed to pay $190 million to settle the claims. This settlement fund is intended to provide compensation for individuals affected by the breach. The funds will be distributed to cover losses related to the breach, including reimbursement for out-of-pocket expenses, losses from fraud, and compensation for time spent dealing with the consequences of the breach.
3. Eligibility for the Settlement
If your data was compromised in the Capital One data breach, you may be eligible to receive compensation from the settlement. Generally, you are eligible if:
- You were a Capital One customer whose personal information was exposed in the data breach.
Affected individuals were notified via email or mail about their eligibility and were given instructions on how to submit a claim. If you believe you were affected but did not receive a notification, you can still check your eligibility by visiting the official settlement website or contacting the claims administrator.
4. How Much Will I Get?
The exact amount you will receive from the settlement depends on several factors. The $190 million settlement fund will be divided among all eligible claimants, with the amount each individual receives depending on the following:
- Out-of-Pocket Expenses: If you incurred any costs related to the data breach, such as fees for credit monitoring, identity theft protection, or expenses related to fraud, you may be reimbursed for these expenses. Claimants can receive up to $25,000 for documented out-of-pocket losses. These claims will be prioritized over time-based compensation.
- Time Spent: If you spent time dealing with the consequences of the data breach—such as monitoring your accounts, contacting financial institutions, or disputing fraudulent charges—you may be eligible for compensation for your time. The settlement allows for claims of up to 15 hours at a rate of $25 per hour for time spent addressing issues related to the breach.
- Credit Monitoring Services: As part of the settlement, Capital One is also offering free credit monitoring services to affected individuals. This service will help you monitor your credit reports for any signs of identity theft or fraud, ensuring that you can take action if any issues arise.
- Other Compensation: Affected individuals may also be eligible for compensation for emotional distress caused by the breach or any other losses directly tied to the exposure of their data.
5. Factors Affecting Your Settlement Amount
Several factors could influence the final amount you receive from the settlement:
- Number of Claimants: The total amount of money available will be divided among all eligible claimants. The more people who file claims, the smaller the payout each individual will receive.
- Type of Claims: Individuals who provide documentation of significant out-of-pocket expenses or time spent dealing with the breach may receive higher payouts than those who do not. It is important to provide as much documentation as possible when filing a claim.
- Administrative Costs: A portion of the settlement fund will go toward covering the costs of administering the settlement, including legal fees and other expenses. This will reduce the overall amount available for distribution to claimants.
6. When Will I Receive My Payout?
As of 2024, claimants are still awaiting their settlement payouts, as the process of verifying claims and distributing the funds is ongoing. Payouts are expected to be distributed later in 2024, though the exact timeline will depend on how quickly the claims administrator can process and verify all claims.
Once your claim is approved, you will be notified of your expected payout and when to expect the payment. Claimants who opted for credit monitoring will also receive instructions on how to access the service.
7. How to File a Claim
If you haven’t already filed a claim, there may still be time to do so, depending on the deadlines set by the court. To file a claim:
- Visit the official Capital One settlement website.
- Provide the necessary personal information and documentation to verify your eligibility.
- Submit claims for out-of-pocket expenses, time spent, or other damages.
Conclusion
The Capital One Bank settlement offers a chance for individuals affected by the 2019 data breach to receive compensation for their losses. The amount you receive will depend on your specific circumstances, such as whether you incurred out-of-pocket expenses or spent significant time dealing with the aftermath. Be sure to stay informed and follow up on your claim to ensure you get the compensation you deserve in 2024.
