Capital One settlement: $12 million to customers in military

Capital One settlement means bank will pay service members at least $125,000 for unlawful foreclosures, $10,000 for repossessed cars. Those denied credit card benefits will also be reimbursed in Capital One settlement.

By Pete Yost,?Associated Press / July 28, 2012

In this May file photo, a Capital One Bank office is shown in New York. A new Capital One settlement with the Justice Department will reimburse members of the military who had their homes or cars wrongfully seized.

Mark Lennihan/AP/File

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The Justice Department says?Capital?One?has agreed to pay $12 million to resolve allegations the bank violated special protections in federal law for members of the military.

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The government says?Capital?One?wrongfully foreclosed?on?some homes and improperly repossessed some cars. In addition, the government says the bank obtained wrongful court judgments against some service members and improperly denied interest rate relief?on?some credit card and car loans.

In a settlement under the Servicemembers Civil Relief Act,?Capital?One?will pay at least $125,000 to each service member whose home was unlawfully foreclosed upon and at least $10,000 to each service member whose vehicle was unlawfully repossessed.

Capital?One?will provide $5 million to service members denied appropriate benefits?on?credit card accounts, auto and consumer loans.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/qGgYrAh4joQ/Capital-One-settlement-12-million-to-customers-in-military

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