Attorney General Kris Mayes is opposing a proposed class action settlement that would shortchange Capital One customers who were cheated out of more than $2 billion in unpaid interest in an amicus brief filed yesterday by a bipartisan coalition of 17 Attorneys General. Following New York Attorney General Letitia James’ lawsuit against Capital One in May for misleading its online savings account customers about the interest rates they would receive, the bipartisan coalition argues that the proposed class action settlement fails to hold Capital One accountable and would ultimately benefit Capital One at the expense of the customers it deceived and underpaid. Attorney General Mayes and the bipartisan coalition are urging the court not to approve this unfair settlement.

“Banks should not be profiting by misleading customers,” said Attorney General Mayes. “Capital One misled and underpaid Arizonans and a time when consumers are already struggling to make ends meet. The proposed settlement shortchanges customers and fails to hold Capital One accountable."