By Steve Levine
Published: March 10, 2026 · Updated: June 17, 2026
June 17, 2026 Update: The deadline to object to the $9.6 million Capital One 401(k) settlement passed on May 26, 2026. The settlement remains pending final court approval. A fairness hearing is scheduled for June 25, 2026 at 9:30 a.m. Eligible class members still do not need to submit a claim form. No settlement payments have been issued, and no distribution date has been announced.
What Is This Settlement About?
If you work or used to work at Capital One and participated in the company's 401(k) retirement savings plan, you may be entitled to an automatic payment from a $9.6 million settlement — and you do not need to file a claim form to get it.Here is the background in plain English: When you contribute to a 401(k) plan, your employer often matches some of your contributions. At Capital One, employees had to work for at least two years to "vest" in the employer match — meaning if you left the company before two years, you forfeited the unvested portion of Capital One's contributions. Those forfeited amounts are called "forfeitures."
The lawsuit alleged that Capital One was required under ERISA (the federal law governing retirement plans) to use those forfeitures to pay the Plan's administrative expenses — things like recordkeeping fees, account maintenance, and other costs of running the 401(k). Instead, Capital One used the forfeitures to subsidize its own matching contributions. This saved the company money because it could use forfeiture money to fund matches rather than paying out of its own pocket. The plaintiffs argued this violated ERISA's fiduciary duties of prudence and loyalty.
Capital One denies all allegations and says it managed the Plan properly, prudently, and in the best interests of participants. The company argues its use of forfeitures complied with over sixty years of legal guidance. The court has not determined who is right. The parties reached a settlement during mediation on September 12, 2025, before the court ruled on Capital One's motion to dismiss.
Capital One is one of several large employers to settle 401(k) forfeiture-and-fee claims recently; the NextEra Energy 401(k) ERISA settlement resolves similar allegations and also pays participants automatically with no claim form.
Who Qualifies?
You qualify if you participated in the Capital One Financial Corporation Associate Savings Plan (or any predecessor or successor plan) at any time between November 11, 2018 and January 13, 2026. This includes current employees with an active plan account, former employees who had a plan account during the class period (even if your account is now closed), beneficiaries of deceased plan participants, and alternate payees under a Qualified Domestic Relations Order (QDRO).Defendants and their beneficiaries are excluded.
Do I Need to File a Claim?
No. This is one of the rare settlements where you do not need to do anything to get paid. Payments are calculated automatically using the Plan's own records. You do not need to produce any documents or prove your participation.As of June 17, 2026, no payments have been issued and no distribution date has been announced. Automatic payments will be made only after the court grants final approval at or after the June 25, 2026 fairness hearing and any appeals are resolved.
If you still have an active account in the Plan (meaning your account has a balance greater than $0), your share of the settlement will be deposited directly into your Plan account and invested according to your current investment elections.
If you are a former participant (your account is closed or has a $0 balance), you will receive a check mailed directly to you by the settlement administrator. Checks are valid for 180 days. If you are a former participant, make sure the Plan has your current address so your check reaches you — you can reach the settlement administrator through the official settlement website.
How Much Can You Get?
Your payment depends on how long you participated in the Plan during the class period. The settlement administrator calculates your share based on the number of years you had a positive account balance in the Plan between November 2018 and January 2026, relative to all other class members. The longer you participated, the larger your proportional share.The total settlement fund is $9,600,000. After attorneys' fees (up to $3,200,000), litigation expenses (up to $50,000), case contribution awards (up to $5,000 per plaintiff), and administration costs are deducted, the remaining "Net Settlement Amount" is divided among class members. Former participants whose share calculates to $5 or less will not receive a distribution.
Can I Opt Out?
No. This is a non-opt-out class action certified under Federal Rule of Civil Procedure 23(b)(1). You cannot exclude yourself from the settlement. You are bound by the settlement terms whether you receive a payment or not.You could, however, object if you disagreed with any part of the settlement. The deadline to file an objection with the court was May 26, 2026.
What Are the Important Dates?
Class Period: November 11, 2018 – January 13, 2026
Objection Deadline: May 26, 2026
Fairness Hearing: June 25, 2026 at 9:30 AM (S.D.N.Y.)
Claim Form: Not required — payments are automatic
What Happens If I Do Nothing?
If you do nothing and you are a class member, you will still participate in the settlement automatically. If you have an active Plan account, your share will be deposited. If you are a former participant with a valid address on file, you will receive a check after the court grants final approval. You do not need to take any action.Frequently Asked Questions
Do I need to file a claim for the Capital One 401(k) settlement?
No. Payments are automatic. If you still have an active account in the Capital One Associate Savings Plan, your share is deposited directly into your Plan account. If you are a former participant, the settlement administrator mails you a check. There is no claim form to file.
How much will I get from the Capital One ERISA settlement?
Your share depends on how long you participated in the Plan during the class period (November 11, 2018 through January 13, 2026). The $9.6 million fund is divided proportionally after attorneys' fees and costs. Former participants whose share calculates to $5 or less receive no distribution.
Who qualifies for the Capital One 401(k) settlement?
All persons who participated in the Capital One Financial Corporation Associate Savings Plan at any time between November 11, 2018 and January 13, 2026, including current employees, former employees, beneficiaries of deceased participants, and alternate payees under a QDRO.
Can I opt out of the Capital One settlement?
No. This is a non-opt-out class action certified under Federal Rule of Civil Procedure 23(b)(1). You cannot exclude yourself from the settlement. The deadline to object to the settlement terms was May 26, 2026.
What was the Capital One 401(k) lawsuit about?
The lawsuit alleged that Capital One misused "forfeitures" in its 401(k) plan. When employees leave before fully vesting in their employer match, the unvested money is forfeited. The plaintiffs claimed Capital One should have used those forfeitures to pay the Plan's administrative expenses, but instead used them to subsidize matching contributions. Capital One denies any wrongdoing.
Official Settlement Notice
Sources
• Official Settlement Site — CapitalOneERISASettlement.com• Singh, et al. v. Capital One Financial Corporation, et al., No. 1:24-cv-08538-MMG (S.D.N.Y.) — court-authorized settlement notice and settlement agreement (filed December 23, 2025)
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