The U.S. Consumer Financial Protection Bureau is suing Capital One, claiming the company cheated customers out of $2 billion by misleading them.

Capital One (COF) , one of the largest banks in the U.S. with over 100 million customers, recently saw a boost in profits. The company’s third-quarter earnings report for 2024 revealed that it generated a total net revenue of $10 billion,

Capital One is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts.