Capital One Financial (COF) and its Capital One unit face a lawsuit from New York state for allegedly underpaying interest to customers, Letitia James, the state's attorney general, said Wednesday in a statement.
Capital One allegedly promoted its "360 Savings" accounts as "high interest" and kept rates artificially low even as they rose nationwide, James said. Capital One then allegedly created "360 Performance Savings," an almost identical account that provided higher interest rates than "360 Savings," misleading customers and avoiding millions of dollars in interest payments, according to the statement.
The state seeks restitution and damages for consumers, disgorgement of profit and penalties, according to the statement.
Capital One didn't immediately respond to a request for comment from MT Newswires.
Capital One shares fell 1.8% in recent trading Wednesday.
Price: 197.39, Change: -3.65, Percent Change: -1.82
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