Capital One To Pay $3M To Settle Car Loan Class Action

Law360, Chicago (January 10, 2014, 8:22 PM EST) -- Capital One NA has agreed to pay $3 million to settle a proposed class action over “phony” debt cancellation agreements included in car loans that allegedly ran afoul of Maryland lending laws, according to documents filed Friday in federal court.

The deal will resolve a lawsuit brought by Philip Decohen in the District of Maryland, and was reached through nine months of mediation after the Fourth Circuit revived the case in December 2012, the parties said in a joint brief supporting preliminary approval of the settlement....
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