Capital One Seeks MDL Docket for 360 Savings Account Interest Class Actions

WASHINGTON, D.C. — Capital One has asked the Judicial Panel on Multidistrict Litigation has been asked to transfer and consolidate six class actions accusing the bank of underpaying interest in connection with its 360 Savings account.

In a March 20 motion, defendants Capital One N.A. and Capital One Financial Corp. say the actions, which involve 22 putative class representatives from 14 states, all allege that defendants should have exercised their right to raise the interest rates on plaintiffs’ accounts as the federal funds rate began to increase in 2021.

Capital One asserts that the 360 Savings Account is governed by …