Walmart is suing Capital One to end their credit card partnership agreement.
Walmart is suing Capital One to end their credit card partnership agreement, alleging the bank fell short of its customer service standards as the exclusive issuer of Walmart's private label and co-branded credit card program in the U.S. , filed in the United States District Court for the Southern District of New York on Friday, Walmart seeks to terminate a deal it inked with Capital One in 2018"worth in excess of a billion dollars.
"Unfortunately, Capital One was consistently unable to meet the customer service standards required by the contract," the lawsuit states."The [service loan agreements] are … essential to preserving the quality customer service at the core of Walmart's brand." Capital One is refuting its servicing issues constitute grounds for Walmart to end the companies' partnership. The bank said in an emailed statement that the lawsuit is part of Walmart's effort to"renegotiate the economic terms of the partnership" or"end the deal early.
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