Capital One shares fell 1.9% on Wednesday after New York Attorney General Letitia James filed a lawsuit accusing the bank of misleading customers through a “two-tier” savings scheme. The complaint alleges Capital One froze interest rates on legacy 360 Savings accounts at 0.30% while promoting a newer 360 Performance Savings account offering up to 4.35%, without informing existing customers. The AG said this practice denied long-time account holders millions in interest, undermining trust in the bank’s advertised high-yield products. Capital One has not issued a public response. Capital One's shares fell 1.9% on Wednesday, the announcement day.
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00:00It's Benzinga bringing Wall Street to Main Street. Capital One shares fell 1.9% on Wednesday after
00:05New York Attorney General Letitia James filed a lawsuit accusing the bank of misleading customers
00:11through a two-tier savings scheme. The complaint alleges Capital One froze interest rates on
00:17legacy 360 savings accounts at 0.30% while promoting a newer 360 performance savings
00:24account offering up to 4.35% without informing existing customers. The AG said this practice
00:32denied long-time account holders millions in interest, undermining trust in the bank's
00:38advertised high-yield products. Capital One has not issued a public response. Capital One's shares
00:45fell 1.9% on Wednesday, the day of the announcement. For all things money, visit Benzinga.com slash GSTV.