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

WASHINGTON, D.C. — The Judicial Panel on Multidistrict Litigation has granted Capital One’s request to create an MDL docket for six class actions accusing the bank of underpaying interest in connection with its 360 Savings account.

In a June 7 order, the panel transferred the 22 punitive class actions pending in 14 states to the U.S. District Court for the Eastern District of Virginia and tapped Judge David J. Novak to oversee the litigation. The actions allege that Capital One N.A. and Capital One Financial Corp. should have exercised their right to raise the interest rates on plaintiffs’ accounts as …