Capital One Escapes Interest Rate Fraud Class Action

Law360, New York (April 17, 2013, 5:19 PM EDT) -- A California federal judge Tuesday dismissed a proposed class action accusing Capital One Bank (USA) NA of lying to credit card holders about a loan balance transfer program, agreeing with the bank that it didn't violate its contract with customers by charging interest on late payments on the transferred balances.

The bank filed a motion to dismiss the suit in January, arguing that plaintiff Priscilla Barton relinquished an interest-free grace period on new purchases when she failed to pay her entire balance on time. When she...
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