Capital One $425 Million Savings Deal Is Unfair, State AGs Say

Capital One NA‘s deal to settle for $425 million claims over the advertising of its 360 Savings account interest rates is unfair and a federal judge should reject it, eighteen state attorneys general said in court filings.

The deal allows Capital One to continue deceiving customers “with the court’s blessing,” because class members would keep using 360 Savings accounts that pay significantly lower interest rates than otherwise-identical 360 Performance Savings accounts, the coalition said in a Tuesday brief of amici curiae.

The average account holder would receive less than $54 directly after losing out on more than $717 in ...