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Capital One Settles Age Discrimination Lawsuit

June 12, 2003 at 2:01 PM EDT

MCLEAN, Va., June 12 /PRNewswire-FirstCall/ -- Capital One Financial Corporation (NYSE: COF) and a group of its former employees, and their attorneys, today announced that they have resolved all age discrimination disputes between Capital One and the employees.

The settlement, which all parties have agreed to keep confidential, closed out a case filed in December 2002 by former Capital One employees who had been terminated. The company denied any liability in connection with the lawsuit and continued to emphasize its commitment to diversity in the workplace.

Tom Feltman, on behalf of the plaintiffs, stated "We continue to be proud of our many contributions to Capital One's success and hope that the positive spirit of cooperation demonstrated by all parties in this settlement is preserved in the company's future relations with its employees. It is our sincere hope that the efforts planned by Capital One will foster greater age diversity and increase confidence that all employees are evaluated fairly."

The former Capital One associates were represented by Harris Butler and Tim Schulte from the Richmond, Virginia law firm of Butler, Williams & Skilling, and by AARP attorneys from Washington, DC.

AARP managing attorney, Stuart Cohen, said "This settlement with Capital One represents a positive resolution of this case. We are pleased that the company's management has expressed a desire to receive our input regarding age diversity issues."

Capital One spokesperson, Tatiana Stead, said "We are pleased to have resolved this case on a mutually beneficial basis. As with any company, we must sometimes make difficult decisions when evaluating our personnel. Capital One will continue to improve its training efforts both in its evaluation process and in diversity awareness, especially with regard to age issues. We are committed to a fair process, a diverse workplace, and a culture where all employees are treated with respect and dignity. Capital One is a proud recipient of several recent awards for our human resource practices and diversity efforts. We look forward to further developing a leadership position in this important area."

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 46.4 million managed accounts and $59.2 billion in managed loans outstanding as of March 31, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.

SOURCE Capital One Financial Corporation
/NOTE TO EDITORS: Press inquiries for the AARP should be directed to: David Nathan +1-202-434-2598, Tony Hylton +1-804-344-3061/ CONTACT: Tatiana Stead, Director, Corporate Media of Capital One Financial Corporation, +1-703-720-2352/