Capital One sued by FDIC over Silicon Valley, Signature failures, Reuters says

The FDIC has sued Capital One (COF), alleging the bank underreported uninsured deposits by excluding a $56B internal position, resulting in underpayment of roughly $99M toward the special assessment tied to the 2023 Silicon Valley Bank and Signature Bank failures, Reuters’ Jonathan Stempel reports. The suit follows Capital One’s own challenge claiming the FDIC overcharged it, leaving a dispute over whether the bank owed $324.8M or the FDIC’s calculated $474.1M.