Capital One is being sued by the US government’s consumer watchdog agency for “cheating millions of consumers” and not paying more than $2 billion in interest to holders of its high-interest savings accounts.

The U.S. Consumer Financial Protection Bureau is suing Capital One, claiming the company cheated customers out of $2 billion by misleading them.

The Consumer Financial Protection Bureau announced it was suing Capital One for "cheating" customers out of more than $2 billion in interest.