New York Attorney General Letitia James is investigating whether Capital One's proposed $35.3 billion takeover of Discover Financial Services violates the state's antitrust law. James asked a state judge in Manhattan in court filings on Wednesday to subpoena Capital One for documents needed for her probe,

Attorney General Letitia James' office said its antitrust bureau is confidentially investigating the proposed transaction's effects on competition under New York's Donnelly Act.

Capital One Financial Corp.’s proposed $35 billion acquisition of Discover Financial Services is being investigated by New York Attorney General Letitia James, who said the deal would have “significant impact” on consumers in the state.

New York Attorney General Letitia James is probing the proposed acquisition’s effects on competition, arguing “often vulnerable New Yorkers with subprime credit scores” could see impact.

Discover Financial (NYSE:DFS) quickly ticked down 0.6% after a report that the New York attorney general is probing its planned $35 billion sale to Capital One (COF). Capital One also edged lower by 0.

New York Attorney General Letitia James is investigating whether Capital One's proposed takeover of Discover Financial Services violates the state's antitrust law. In court filings on Wednesday, James asked a state judge to issue a subpoena to Capital One in connection with her probe.

Capital One CEO Richard Fairbank said the company is still on track to close its $35.3 billion acquisition of Discover early next year even as it navigates fresh regulatory and political hurdles.