6 hours ago 1

New York AG sues Capital One over savings account rates

York Attorney General Letitia James sued Capital One (COF) “for cheating its online savings account customers out of millions of dollars in interest payments.” The lawsuit alleges that Capital One marketed its “360 Savings” accounts as “high interest” accounts with “one of the nation’s best savings rates” that would earn its customers more than an average savings account. “In reality, while interest rates rose nationwide, Capital One kept the interest rates for its 360 Savings accounts artificially low,” James says in a statement. The action brought by James seeks restitution and damages for all affected Capital One customers, disgorgement of profits Capital One made by illegally misleading its customers, and penalties.

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