New York Attorney General Letitia James sued Capital One, accusing it of "cheating" customers out of millions of dollars, after the CFPB dropped a similar suit.

NY Attorney General sues Capital One for allegedly using deceptive practices, depriving customers of promised interest by offering better rates to new accounts only.

Capital One was sued on Wednesday by New York Attorney General Letitia James, who accused the bank of cheating depositors with its flagship "high interest" savings accounts out of millions of dollars in interest.