Capital One Shareholder Drops Rates Lawsuit Against Executives

A Capital One Financial Corp. stockholder relinquished his derivative lawsuit accusing the bank’s board and top executives of misleading customers about savings-account interest rates.

Shareholder Michael Reiter told the US District Court for the District of Delaware Monday he was voluntarily dismissing his case, while preserving the chance to refile. Judge Jennifer L. Hall said two weeks ago she doubted the merits of his sole federal claim because she didn’t see how the pleadings supported a derivative allegation, saying the complaint might be an attempt to manufacture jurisdiction. Hall gave Reiter until Tuesday to demonstrate why this lawsuit, which also ...