U.S. Bank Faces Lawsuit for Allegedly Sharing Customer Data with Tech Giants

A new class action lawsuit has been filed against Capital One, the eighth-largest bank in the U.S. by assets, alleging that the bank secretly gathered and shared sensitive personal and financial data with major tech companies like Facebook, Google, and Microsoft.

The complaint accuses Capital One of using tracking technologies on its website to collect nonpublic personal information (NPI) and personal financial information (PFI) without customer consent.

These tracking mechanisms are claimed to have been operational since at least November 2023.

One plaintiff noticed targeted ads for similar financial products on Facebook shortly after applying for a Capital One credit card, an experience echoed by other plaintiffs who also saw credit card ads after visiting the bank’s website.

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The lawsuit alleges that Capital One collected and shared various types of information, including:

• Account details
• Credit card application data
• Pre-approval status
• Employment and bank account information

The plaintiffs accuse the bank of breaching consumer protection laws, infringing on privacy, unjust enrichment, and breaking contracts. They are seeking both financial compensation and a jury trial. With total assets of $630.89 billion as of Q2 2024, Capital One faces significant scrutiny regarding its privacy practices and handling of customer data.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.