Capital One Wins Dismissal of Credit‑Card Rate Lawsuit Ahead of Q2 Earnings Report

A Maryland federal judge dismissed a proposed class‑action lawsuit alleging that Capital One charged excessively high credit‑card interest rates. Judge Theodore Chuang ruled that the National Bank Act does not bar the bank from setting rates above Virginia’s alleged 6% cap, noting that the card agreement allowed rate changes and that the plaintiff, Lynn Strange, had consented to the terms. Strange claimed she paid about a 30% rate for more than a year on a $2,000 balance, calling it “usurious.”

At the same time, Capital One is preparing to report its second‑quarter results, seeking to demonstrate that its $35 billion acquisition of Discover is delivering value. The bank has recorded $1.8 billion in integration expenses since the deal closed and faces investor pressure to show earnings per share of $4.75 on revenue of $15.77 billion.