MCLEAN, Va.–Capital One has agreed to pay a $425 million settlement in the face of nationwide litigation accusing it of cheating savings depositors out of higher interest rates by failing to advertise higher-yield accounts, according to a federal court filing.

The preliminary settlement, which is pending a judge’s approval, was filed in a notice on Friday in the U.S. District Court for the Eastern District of Virginia, the New York Times reported.

Depositors who sued the bank said that Capital One falsely promised higher interest rates on 360 Savings accounts, which had a fixed rate of 0.3%, and did not adequately advertise its better rates on 360 Performance Savings accounts, the report stated. 

The higher-yield account had an interest rate that was as high as more than 4%, according to the suit.

Where Settlement Will Go

As a part of the settlement, $300 million will go to depositors to make up for the interest they would have earned in the higher-yield account.

The remainder of the settlement will go to depositors with open 360 Savings accounts as additional interest. Legal fees will also be paid out of the settlement, the Times stated.

As a part of the agreement, Capital One admitted no wrongdoing.