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Capital One sues to head off probe

May 06, 2008|From Reuters

Capital One Financial Corp. has sued in an effort to keep its records out of the hands of California Atty. Gen. Jerry Brown, who is investigating whether the bank's credit card business violated state laws.

In a proposed injunction, filed Friday in San Francisco federal court, Capital One contended that as a national bank, only the U.S. Office of the Comptroller of the Currency can examine its records.

McClean, Va.-based Capital One converted its charter to that of a national banking association in March, about 18 months after Brown issued his first requests for information.

Capital One wants a judge to declare that because of its national charter, Brown can not sue it over its banking activities.

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