Headline: New York Times, 5/17/2025
Simon J. Levien reports:
Depositors who sued the bank said that Capital One falsely promised higher interest rates on 360 Savings accounts, which had a fixed rate of 0.3 percent, and did not adequately advertise its better rates on 360 Performance Savings accounts.
The higher-yield account had an interest rate that was as high as more than 4 percent, according to the suit.
As a part of the settlement, $300 million will go to depositors to make up for the interest they would have earned in the higher-yield account.
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