Saturday, October 17, 2009

Capital One Sued for Excessive Charges

From Law.Com

An Atlanta attorney has sued one of the nation's largest credit card distributors on behalf of a potential class of credit card holders in a complaint that reflects the public frustration with credit card lender practices that have already prompted some congressional reforms.

The suit claims that Capital One -- known for its commercials that feature barbarians garbed in animal skins demanding, "What's in your wallet?" -- doubled, tripled or quadrupled cardholders' annual interest rates without cause and applied the new rates retroactively to existing balances. The cardholders, according to the suit, could avoid the new interest rates only by closing their account

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