From Yahoo Finance: 2025-05-14 12:58:00

New York Attorney General Letitia James sued Capital One for allegedly cheating depositors with low interest rates on their 360 Savings accounts, despite promising high rates. The bank introduced new accounts with higher rates, leaving older depositors in the dark. The lawsuit seeks civil fines and restitution for customers.

Capital One faces accusations of violating consumer protection laws in New York. The lawsuit aims to hold the bank accountable for misleading customers and not informing them about better interest rates. The U.S. Consumer Financial Protection Bureau previously filed a similar lawsuit against Capital One, which was dropped in February.

Capital One did not respond to requests for comment on the lawsuit. The bank’s 360 Performance Savings accounts now yield 3.6%, following the controversy over the 360 Savings accounts. A previous settlement in federal court has been reached, but terms were not disclosed. Capital One’s takeover of Discover Financial Services is expected to be completed on May 18.

Read more: New York sues Capital One for cheating savings depositors