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Capital One sued by New York for 'bait-and-switch tactics'

( May 14, 2025, 16:48 GMT | Official Statement) -- MLex Summary: Capital One has been sued by New York Attorney General Letitia James for allegedly 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. However, while interest rates rose nationwide, Capital One kept the rates for its 360 Savings accounts artificially low and created a nearly identical type of savings account that provided much higher rates that it hid in order to avoid paying millions of dollars in interest.Statement follows in full. See attached file....

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