Capital One Escapes Cardholders' New York Usury Claims

Law360 (September 28, 2020, 11:28 AM EDT) -- A federal judge in Brooklyn on Monday threw out a suit alleging Capital One collected interest from consumers at unacceptable interest rates, finding that federal, not state, law applies to the case.

U.S. District Judge Kiyo A. Matsumoto dismissed with prejudice claims that Capital One credit cardholders William Cohen, Sue Paivanas, and Christy Ogrodoski brought against defendant Capital One Funding LLC and Capital One Master Trust, finding that the National Bank Act prevented the plaintiffs bringing claims that Capital One violated New York state's usury law, which caps the annual interest rates banks can collect at 16%. Judge Matsumoto also ended...

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