Capital One Is Sued by CFPB. Why It Won’t Affect Discover Acquisition. - Barron's
1. CFPB files lawsuit against Capital One for misleading savings account interest rates. 2. Allegations claim $2 billion in interest was withheld from consumers with 360 Savings. 3. Capital One disputes claims, intends to defend itself vigorously in court. 4. Company's stock rose 1.7% amidst lawsuit news; previous bid for Discover remains ongoing. 5. Analyst believes lawsuit won't affect Discover acquisition but may generate negative headlines.