Walmart Sues Capital One Credit Card: drama explained
Capital One has been sued by Walmart for not following the partnership agreement and ending the credit card deal before the time. Since Walmart sued Capital One for ending their credit card partnership agreement, it has overshadowed every business world’s news in recent times. Now, this legal fight between the two companies has gained the attention of people from across the world. What’s happening? As there are many people who are seeking details of the Walmart vs Capital One lawsuit, we have come up with all the imperative details of the lawsuit. So be sticky with this page and keep reading this article for more details. Drag down the page.
Walmart Sues Capital One Credit Card
Walmart alleged that Capital One fell short of its customer service standards as the exclusive issuer of Walmart’s private label and co-branded credit card venture in the United States. Reportedly, the lawsuit has been registered in the US District Court for the Southern District of New York. Walmart filed the lawsuit against Capital One on Friday and seeks to terminate the deal it closed with Capital One worth in excess of a billion dollars back in 2018. Scroll down the page and read more details.
It has been alleged that Capital One struggled to fulfill the contract promises. Walmart alleged that bank failed to measure up to its retail partner’s customer care standards during the 12-month rolling period in at least five Critical service criteria. The lawsuit states, “Unfortunately, Capital One was consistently unable to meet the customer service standards required by the contract. The [service loan agreements] are … essential to preserving the quality customer service at the core of Walmart’s brand.” Shift to the further section and read what Capital One’s spokesperson asserted.
According to the lawsuit, Capital One could not replace the cards of the customers within the critical five-day period it should have. While Capital One said in a statement that Walmart’s effort to renegotiate the economic terms of the partnership ended up in the lawsuit. A spokesperson for the bank said these servicing issues were immaterial and cured by (Capital One) pursuant to the terms of the agreement, without harm to customers, the program, or Walmart. Bank disputes that Walmart has any right to change the terms of the existing partnership mid-stream, and we will vigorously protect our contractual rights in court. Stay tuned to this website for more details and updates.