New York Attorney General Letitia James has filed a lawsuit against Capital One for allegedly misleading depositors of its 360 Savings accounts. The complaint asserts that Capital One promised high interest rates but froze existing customers' rates at 0.30% while new customers received rates as high as 4.35%. The lawsuit claims the bank failed to inform existing depositors about the opportunity to switch accounts for better rates and directed employees to remain silent unless asked. The suit seeks civil fines and restitution for affected customers, emphasizing consumer protection violations.
"Customers opened and maintained 360 Savings accounts based on Capital One's promises that they would receive 'one of the nation's best savings rates.' Instead, Capital One took advantage of its customers and hoped that they wouldn't notice."
"James noted that dismissal and said her lawsuit 'seeks to ensure that Capital One does not escape accountability.'"
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