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Capital One Board, Fairbank Face Insider Trading Suit Over Hack

Jan. 12, 2022, 10:20 PM UTC
Mike Leonard
Mike Leonard
Legal Reporter

A Capital One Financial Corp. investor filed suit in Delaware over a massive cyberattack against the bank, blaming its ensuing legal and financial woes on lax oversight by its senior leaders, including several who allegedly sold $60 million in stock before it plunged on news of the hack.

The derivative lawsuit, made public Wednesday, stems from a 2019 breach that exposed the data of more than 106 million people, spawning a wave of regulatory scrutiny, privacy litigation, and securities fraud cases. Capital One has already paid about $270 million in penalties and settlements.

The suit in Delaware’s Chancery Court targets ...

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