We strongly disagree with their claims and will vigorously defend ourselves in court.”Capital One stock rose 1.7% on Tuesday.Last fall, the company presented a $35 billion bid to buy Discover Financial Services that is now working its way through the regulatory approval process.

Capital One was sued on Tuesday by the U.S. Consumer Financial Protection Bureau, which accused the bank of illegally cheating customers who held its flagship "high interest" savings account out of more than $2 billion in interest payments.

Capital One, the ninth largest bank in the US, marketed its 360 Savings account as having one of the highest annual percentage yields, the CFPB said in a statement Tuesday. However, after launching its 360 Performance Savings account in 2019, Capital One lowered and froze the account's savings APY, the CFPB said.

US-based bank Capital One is facing legal proceedings from the US Consumer Financial Protection Bureau (CFPB) for ‘cheating’ consumers of more than $2bn in interest payments on savings accounts. The lawsuit said the bank allegedly misled holders of its “360 Savings” account,

The Consumer Financial Protection Bureau has just taken on one of America's biggest banks. On Tuesday, the agency announced it has filed a lawsuit against Capital One, accusing the financial institution of deceiving customers about two of its savings accounts and swindling millions of consumers out of more than $2 billion in interest,

The Consumer Financial Protection Bureau announced Tuesday that it has filed a lawsuit against Capital One Bank for misleading customers about their savings account interest rates.