New York’s attorney general has sued the parent company of the Zelle payment platform, months after the federal Consumer Financial Protection Bureau abandoned a similar case under the Trump administration.

The lawsuit alleges that Early Warning Services, Zelle's parent, failed to implement safeguards, enabling fraudsters to steal more than $1 billion.

Zelle was sued on Wednesday by New York Attorney General Letitia James, who said the electronic payment platform's refusal to adopt critical safety features enabled fraudsters to steal more than $1 billion from consumers.