Frequently Asked Questions

No, you are not being sued.

This Action concerns “forfeitures.”  Under the Plan, Capital One makes matching contributions to participants’ individual Plan accounts.  Participants must work for at least two years to “vest” in their employer contributions (they are always 100% vested in their own contributions).  Those who leave sooner “forfeit” any unvested amounts as set forth in the Plan.  Here, Plaintiffs claim that ERISA required Defendants to use forfeitures to pay the Plan’s administrative expenses, and that Defendants instead improperly used forfeitures to fund matching contributions to participants’ accounts.  Based on this alleged conduct regarding the allocation of Plan forfeitures, Plaintiffs allege that Defendants violated their fiduciary duties of prudence and loyalty under ERISA, violated ERISA’s anti-inurement clause, and failed to monitor other fiduciaries.

Defendants deny each of the claims and allegations made in the Action and deny that they ever engaged in any wrongful conduct.  If the Action were to continue, the Defendants would raise numerous defenses to liability, including:

• Plaintiffs’ claims in this Action are barred by res judicata, a legal doctrine that precludes the litigation of claims that were raised and adjudicated in a prior litigation between the parties (or their privies) as well as claims that might have been raised in the prior litigation but were not. Here, Plaintiffs’ claims in this Action—all of which were brought on behalf of the Plan—are barred by res judicata because Plan participants sued Capital One on behalf of the Plan a few years ago in another litigation, and that lawsuit was dismissed with prejudice.
• Plaintiffs’ claims also fail on the merits. The conduct that Plaintiffs challenge complies with over sixty years of legal guidance that permit the use of forfeitures to offset employer contributions.
• Plaintiffs’ anti-inurement claim further fails under ERISA because the Complaint concedes that the Plan used forfeitures to provide benefits to participants, exactly as ERISA requires.
• To the extent Plaintiffs seek to reframe their claims based on a violation of the Plan’s terms instead of violations of ERISA, their case fails including because Plaintiffs did not exhaust the Plan’s administrative remedies, which is required under governing law.

You are a member of the Settlement Class if you fall within the definition of the Settlement Class preliminarily approved by Judge Margaret M. Garnett:

All persons who participated in the Capital One Financial Corporation Associate Savings Plan at any time during the Class Period, including any Beneficiary of a deceased person who participated in the Plan at any time during the Class Period, and any Alternate Payee of a person subject to a Qualified Domestic Relations Order who participated in the Plan at any time during the Class Period. Excluded from the Settlement Class are Defendants and their beneficiaries.

The “Class Period” referred to in this definition is from November 11, 2018 to January 13, 2026.

As in any litigation, all parties face an uncertain outcome.  On the one hand, continuation of the case against the Defendants could result in a judgment greater than this Settlement.  On the other hand, continuing the case could result in Plaintiffs obtaining no recovery at all or obtaining a recovery that is less than the amount of the Settlement.  Based on these factors, the Plaintiffs and Class Counsel have concluded that the proposed Settlement is in the best interests of all Settlement Class members.

Provided that the Settlement becomes Final, a Settlement Fund consisting of Nine Million Six Hundred Thousand Dollars and Zero Cents ($9,600,000.00) will be established in the Action.  The amount of money that will be allocated among members of the Settlement Class, after the payment of any taxes and Court-approved costs, fees, and expenses, including attorneys’ fees and expenses of Class Counsel, any Court-approved Case Contribution Awards to be paid to the Class Representatives, and payment of expenses incurred in calculating the Settlement payments and administering the Settlement, is called the Net Settlement Amount.  The Net Settlement Amount will not be known until these other amounts are quantified and deducted.  The Net Settlement Amount will be allocated to members of the Settlement Class according to a Plan of Allocation to be approved by the Court.  The Plan of Allocation describes how Settlement payments will be distributed to Settlement Class members who receive a payment.

If the Settlement is approved by the Court, all Settlement Class Members and anyone claiming through them shall be deemed to fully release the Released Parties from Released Claims.

The Released Parties are (a) Defendants; (b) Defendants’ insurers, co-insurers, and reinsurers; (c) Capital One’s direct and indirect past, present, and future affiliates, parents, subsidiaries, divisions, joint ventures, predecessors, successors, successors-in-interest, assigns, boards of trustees, boards of directors, officers, trustees, directors, partners, principals, agents, managers, members, employees or heirs (including any individuals who serve or served in any of the foregoing capacities, such as members of the boards of trustees or boards of directors that are associated with any of Defendants’ past, present, and future affiliates), and each Person that controls, is controlled by, or is under common control with them; (d) the Plan and the Plan’s current and past fiduciaries, administrators, plan administrators, recordkeepers, service providers, consultants, attorneys, agents, insurers and parties-in-interest; and (e) Defendants’ independent contractors, representatives, attorneys, administrators, insurers, fiduciaries, accountants, auditors, advisors, consultants, personal representatives, spouses, heirs, executors, administrators, associates, employee benefit plan fiduciaries (with the exception of the Independent Fiduciary), employee benefit plan administrators, service providers to the Plan (including their owners and employees), members of their immediate families, consultants, subcontractors, and all persons acting under, by, through, or in concert with any of them.

The above description of the proposed Settlement is only a summary.  The complete terms, including the definitions of the Released Parties and Released Claims, are set forth in the Settlement Agreement (including its exhibits), which may be found on this website.

You do not need to file a claim.  The Entitlement Amount for Settlement Class members with an Active Account (an account with a positive balance) as of the calculation of the Final Entitlement Amount (unless that Plan account is closed the intervening period between the calculation of the Final Entitlement Amount and the payment of the Final Entitlement Amount, in which case that Class Member will receive their allocation via a check) will be paid into the Plan.  Former Participants will be paid directly by the Settlement Administrator by check.

All such payments are intended by the Settlement Class to be “restorative payments” in accordance with Internal Revenue Service Revenue Ruling 2002-45.  Checks issued to Former Participants pursuant to this paragraph shall be valid for 180 days from the date of issue. If you are a former Plan participant and have not provided the Plan with your current address, please contact Class Counsel.

Each Class Member who receives a payment under this Settlement Agreement shall be fully and ultimately responsible for payment of any and all federal, state, or local taxes resulting from or attributable to the payment received by such person.

The Court has preliminarily appointed the law firm of Capozzi Adler, P.C. as Class Counsel for the Named Plaintiffs in the Action.  You will not be charged directly by these lawyers.  If you want to be represented by your own lawyer, you may hire one at your own expense.

You do not have the right to exclude yourself from the Settlement.  The Settlement Agreement provides for certification of the Settlement Class as a non-opt-out class action under Federal Rule of Civil Procedure 23(b)(1), and the Court has preliminarily determined that the requirements of that rule have been satisfied.  Thus, it is not possible for any Settlement Class members to exclude themselves from the Settlement.  As a Settlement Class member, you will be bound by any judgments or orders that are entered in the Action for all claims that were or could have been asserted in the Action or are otherwise released under the Settlement.

If you are a Settlement Class Member, you can object to the Settlement if you do not like any part of it.  You can give reasons why you think the Court should not approve it.  To object, you must send a letter or other writing saying that you object to the Settlement in Singh, et al. v. Capital One Financial Corporation, et al., No. 1:24-cv-08538-MMG.  Be sure to include your name, address, telephone number, signature, and a full explanation of all the reasons why you object to the Settlement.  You must file your objection with the Clerk of the Court of the United States District Court for the Southern District of New York so that it is received no later than May 26, 2026.  The address is:

Clerk of the Court
Daniel Patrick Moynihan U.S. Courthouse
500 Pearl Street
New York, New York 10007

The objection must refer prominently to this case name: Singh, et al. v. Capital One Financial Corporation, et al., No. 1:24-cv-08538-MMG.

A copy of your objection must also be provided to Class Counsel and Defense Counsel by email to (writing “Singh, et al v. Capital One, et al Settlement” in the subject line) or write to the following respective addresses for Class and Defense Counsel:

Class Counsel:
Mark K. Gyandoh
Capozzi Adler, P.C.
312 Old Lancaster Rd
Merion Station, Pennsylvania 19066
markg@capozziadler.com

Defense Counsel:
Jeremy P. Blumenfeld
Morgan, Lewis & Bockius LLP
2222 Market Street
Philadelphia, PA 19103
jeremy.blumenfeld@morganlewis.com

The Fairness Hearing currently is scheduled for 9:30 a.m. on June 25, 2026, at the United States District Court for the Southern District of New York, or such other courtroom as the Court may designate.

At that hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate.  If there are objections, the Court will consider them.  The Court will also rule on the motions for attorneys’ fees and reimbursement of expenses and for Case Contribution Awards for the Class Representatives.  The Parties do not know how long these decisions will take or whether appeals will be filed.

If you submit a written objection to the Settlement to the Court and counsel before the Court-approved deadline, you may (but do not have to) attend the Fairness Hearing and present your objections to the Court.  You may attend the Fairness Hearing even if you do not file a written objection, but you will only be allowed to speak at the Fairness Hearing if you file a written objection in advance of the Fairness Hearing AND you file a Notice of Intention To Appear, as described in this paragraph.  To do so, you must file with the Court a letter or other paper called a “Notice of Intention To Appear at Fairness Hearing in Singh, et al. v. Capital One Financial Corporation, et al., No. 1:24-cv-08538-MMG.”  Be sure to include your name, address, telephone number, and your signature.  Your Notice of Intention To Appear must be received by the attorneys listed in the answer to the previous question, no later than May 26, 2026, and must be filed with the Clerk of the Court at the address listed in the previous question.

The Court may adjourn the Fairness Hearing without further notice to the Settlement Class and also may schedule the hearing to be done by telephone or video conference.  Any changes to the date, time, or location of the Fairness Hearing will be posted on this website.

You may send an email to the Settlement Administrator at CapitalOneERISA@noticeadministrator.com, or call at 888-687-6708.