Herman Jones LLP Is Investigating Claims for Capital One Customers with 360 Savings Accounts
On January 14, 2025, the Consumer Financial Protection Bureau (“CFPB”) sued Capital One, N.A. and its parent Company, Capital One Financial Corp. (collectively, “Capital One”) in the United States District Court for the Eastern District of Virginia, Case No. 1:25-cv-00061, styled Consumer Financial Protection Bureau v. Capital One Financial Corporation and Capital One, National Association. The lawsuit alleges that Capital One told consumers that its “360 Savings” account provided one of the nation’s “best” and “highest” interest rates. Despite this representation, Capital One froze the interest rate at a low level while interest rates rose nationwide. In addition, around the same time, Capital One created a virtually identical product, “360 Performance Savings.” The only difference between the 360 Savings and 360 Performance Savings products is that the second one paid out substantially more in interest, as much as fourteen times the 360 Savings rate. Further, the CFPB alleges that Capital One did not specifically notify 360 Savings accountholders about the new product, and instead worked to keep them in the dark about the higher yield accounts. The CFPB contends that Capital One concealed the new product from its 360 Savings accountholders, costing millions of consumers more than two billion in lost interest payments. A link to the CFPB announcement of its lawsuit can be found here: CFPB Sues Capital One for Cheating Consumers Out of More Than $2 Billion in Interest Payments on Savings Accounts | Consumer Financial Protection Bureau.
Herman Jones LLP (www.hermanjones.com) is investigating potential claims on behalf of individuals who may have been harmed by Capital One’s actions.
IF YOU ARE CAPITAL ONE 360 SAVINGS CUSTOMER, you may have standing to hold Capital One responsible for the Capital One’s possible bad acts. You may also be able to assist in reforming the company’s practices to prevent future wrongdoing.
IF YOU ARE INTERESTED IN LEARNING MORE ABOUT THE INVESTIGATION, PLEASE CONTACT US AT THE INFORMATION BELOW. IF EMAILING, PLEASE INCLUDE A PHONE NUMBER.
ABOUT HERMAN JONES LLP:
Herman Jones LLP (www.hermanjones.com) is a nationally recognized high stakes litigation law firm with offices in Atlanta, Newark and Seattle. Herman Jones LLP represents individual and institutional investors in shareholder derivative and securities class action lawsuits, in addition to antitrust, intellectual property, consumer class actions and venture fund transactional work. Herman Jones LLP regularly assists clients in recovering losses resulting from violations of federal securities laws. For more information about the firm and its attorneys, please visit https://www.hermanjones.com. Attorney advertising. Past results do not guarantee future outcomes.
John Herman
Herman Jones LLP
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