Capital One’s (COF) proposed acquisition of Discover (DFS) is being investigated by New York Attorney General Letitia James, Erik Larson of Bloomberg reports. James, who asked a state court for permission to issue subpoenas to Capital One as part of an ongoing antitrust probe, says the deal would have “significant impact” on consumers in the state. New York would be particularly impacted by the proposed deal because Capital One and Discover have over $9.5B and $6.5B in credit card loans in the state, respectively, James told the court, according to Bloomberg. Shares of Capital One and Discover moved lower following the report.
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