Capital One Financial Corp.
, seeking to terminate the companies’ credit-card partnership.
Walmart’s lawsuit, which was filed this week, alleges that Capital One didn’t meet certain terms of the card partnership contract. The case was filed in the Southern District of New York.
Walmart alleged that Capital One didn’t provide the customer service it was obligated to offer, such as replacing lost cards promptly. It also alleged that Capital One didn’t promptly post some transactions and payments to cardholders’ accounts.
A Capital One spokesman said Friday: “These immaterial servicing issues were cured by Capital One pursuant to the terms of the agreement, without harm to customers, the program, or Walmart.”
The spokesman said Walmart’s lawsuit “is an attempt to renegotiate the economic terms of the partnership it agreed to just a few years ago, or end the deal early.” He said that Capital One “will vigorously protect our contractual rights in court.”
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