New York Attorney General Letitia James says the company, co-owned by major U.S. banks, failed to protect users. The company calls the suit "a political stunt."

New York Attorney General Letitia James on Wednesday sued Early Warning Services (EWS), which operates Zelle, alleging the electronic money-transfer service fails to protect its users from “massive amounts of fraud.

New York Attorney General Letitia James has filed a lawsuit against Early Warning Services (EWS), the company behind the popular payment app Zelle, accusing it of failing to protect users from what she calls “massive amounts of fraud,