Capital One has agreed to pay $425 million to settle a declare that it misled tens of millions of consumers who signed up for a high-yield financial savings account — solely to find that it provided much less curiosity than marketed.
The $152 billion monetary big got here to phrases on a settlement with the workplace of New York State Legal professional Common Letitia James.
The preliminary settlement between Capital One and James’s workplace was accepted final week by a federal decide in Virginia.
In 2019, the financial institution rolled out a two-track financial savings technique that included its “360 Efficiency Financial savings” account, which was touted as paying considerably greater curiosity.
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