Capital One $425 million depositor settlement wins preliminary approval following earlier rejection

Reuters01-13

NEW YORK, Jan 12 (Reuters) - A federal judge granted preliminary approval on Monday to Capital One's COF.N revised $425 million class action settlement with depositors who said they were cheated out of high interest rates, two months after rejecting an earlier accord, New York Attorney General Letitia James said.

U.S. District Judge David Novak in Alexandria, Virginia, ruled after Capital One agreed to pay higher interest rates going forward to depositors with 360 Savings accounts, a benefit worth about $530 million according to the depositors' lawyers.

(Reporting by Jonathan Stempel in New York; Editing by Nia Williams)

((jon.stempel@thomsonreuters.com ; +1 646 223 6317; Reuters Messaging: jon.stempel.thomsonreuters.com@reuters.net /))

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