Users Target Capital One Cards With Madden-Tied Usury Suit
Law360 (September 12, 2019, 6:00 PM EDT) -- New Yorkers who've had to pay interest on their Capital One credit cards hit two companies tied to the bank with an amended putative class action on Wednesday, accusing them of breaking the state's usury laws.
The lawsuit invokes the Second Circuit's 2015 decision in Madden v. Midland Funding in claiming that Capital One Funding LLC and Capital One Multi-Asset Execution Trust have, through their involvement in credit card securitization, collected interest payments from New Yorkers that exceeds the state's 16% usury limit.
The Madden ruling, which holds that non-banks like COF and COMET cannot charge usurious interest rates on debt...
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