by Matthew Russell Lee, Patreon Book Substack
SDNY COURTHOUSE, May 14 – Capital One Bank, seeking to move forward on its much protested but now Fed approved Discover mega-merger, has been sued by NYS Attorney General Letitia James. While some, seeing the caption, thought it might be the attempt to block the merger that Senator Elizabeth Warren is asking DOJ to move for, that was not the case.
Rather, James is suing Capital One for misrepresentation in its 360 Performance Savings account. If the CFPB won't do it, let the state(s). But what about the merger? And Captial One's predatory lending?
For example, Capital One refused a payment plan and moved to foreclose on woman's property in East Harlem in upper Manhattan, NYC.
She sued in state court - and Capital One moved to transfer the case to Federal court in the U.S. District Court for the Southern District of New York, where Inner City Press found it in the docket.
The plaintiff recounts how she was tricked, akin to predatory lending. She is seeking punitive damages and an injunction preventing further foreclosure actions.
On February 17 Capital One's counsel wrote in asking to extend its time to answer or otherwise respond - then it moved to dismiss.
On April 22 - after a rubber stamp of Capital One's Discover takeover - the plaintiff opposed the motion, asserting breach of contract and wrongful foreclosure.
That case is Sanders v. Capital One, N.A., 1:25-cv-1252 (Broderick)
This newer case is The People of the State of New York, by Letitia James, Attorney General of the State of New York, v. Capital One, et al., 1:25-cv-4037 (unassigned)
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