India, May 29 -- Capital One has agreed to pay $425 million to customers who had a 360 Savings account since September 18, 2019, Yahoo Finance reported. This comes after a class-action lawsuit claimed the bank didn't share key information about better interest rates.

A federal court in Alexandria, Virginia, approved the deal after several customers sued Capital One. The lawsuit said the bank didn't offer competitive interest rates and didn't tell account holders when better options became available.

Instead of updating the rates on existing 360 Savings accounts, Capital One created a new product called the 360 Performance Savings account, which offered higher interest. But they didn't let current customers know about it.

According to t...