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Capital One Financial (NYSE:COF) has been named in a major lawsuit tied to alleged fraud involving the Zelle payments network. The company is identified as a co-owner of Zelle in the case, which focuses on consumer losses linked to disputed transactions. Separately, Capital One agreed to a C$35 million settlement in a Canadian class action related to a prior data breach. Capital One Financial, a large US card issuer and bank with a growing digital footprint, now sits at the center of two...

By Jonathan Stempel NEW YORK, July 22 (Reuters) - A judge rejected Zelle's bid to dismiss a lawsuit by New York Attorney General Letitia James, who said the electronic payment platform's refusal to

A judge rejected Zelle's bid to dismiss a lawsuit by New York Attorney General Letitia James, who said the electronic payment platform's refusal to ‌adopt critical safety features enabled fraudsters to steal more than $1 billion from consumers. In a decision ‌late Monday, Justice Phaedra Perry-Bond of a New York state court in Manhattan said James sufficiently alleged that Zelle's parent Early Warning Services "prioritized ​accessibility, convenience, consumer adoption, and market dominance at the expense of consumer safety" in rushing the platform to market, despite objections from its banking partners. Early Warning Services is owned by seven large U.S. banks: Bank of America, Capital One, JPMorgan Chase, PNC, Truist, U.S. Bank and Wells Fargo.

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Reg Wydeven is a partner with the Appleton-based law firm of McCarty Law LLP. He writes a weekly column for The Post-Crescent.