Capital One CEO, Others Mislead Depositors, Shareholder Suit Says

A Capital One Financial Corp. stockholder says bank executives’ misleading conduct concerning the performance of two types of savings accounts it offered exposed the lender to liability, breaching fiduciary duties and violating federal securities laws.

The individual defendants, including Chairman Richard D. Fairbank and Chief Financial Officer Andrew M. Young, violated their fiduciary duty to the company by knowingly engaging in a two-tiered interest rate scheme and violated Section 14(a) of the Securities Exchange Act by crafting materially false proxy statements, the complaint filed June 27 in the US District Court for the Eastern District of Virginia says.

“Capital ...