AG James today commended a new settlement that will require Capital One to provide $425 million in restitution and better interest rates for its 360 Savings customers who were cheated out of higher interest payments on their savings accounts for years. After Attorney General James led a bipartisan coalition of attorneys general in opposing an earlier proposed a class action settlement that did not deliver enough for Capital One customers who were wronged, this new settlement more than doubles the value of the earlier one. Attorney General James sued Capital One in May for misleading its 360 Savings customers to avoid paying them higher interest rates. 

“Capital One customers were counting on growing their savings accounts, but their bank misled them and cheated them out of valuable interest payments for years. Today we are delivering justice for those customers nationwide and ensuring that they will receive the higher interest rates they were originally promised. I look forward to seeing this settlement approved and will always fight to ensure New Yorkers are treated fairly by their banks.” – AG James