Capital One (COF) has filed suit against the US Federal Deposit Insurance Corporation, alleging that a $475 million special assessment imposed to offset losses to its deposit insurance fund from the collapse of Silicon Valley Bank and Signature Bank in 2023 was "improperly calculated."

According to the lawsuit filed in a Virginia federal court on Wednesday, the FDIC incorrectly included $56 billion in intercompany positions between Capital One, National Association and Capital One Funding as uninsured deposits, which led it improperly inflate the assessment by $149 million.

Capital One noted in the complaint that despite two years of communications with the FDIC over the miscalculation, the regulator is still seeking to collect the amount.

Capital One urged the court to declare that the FDIC inaccurately included the intercompany position in the special assessment calculation and cannot recover the amount related to the position.

The FDIC did not immediately respond to a request for comment from MT Newswires.

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