NEW YORK–A major retailer and major card issuer who had earlier announced plans to break up their partnership have now made up.
Walmart has settled its lawsuit against Capital One over the card partnership, which had made Capital One the exclusive issuer of Walmart-branded consumer credit cards before ending last month.
According to Reuters, the case was dismissed on by U.S. District Judge Katherine Polk Failla in Manhattan, after the companies resolved all claims and counterclaims. Terms were not disclosed.
As CUtoday.info reported earlier and as Reuters also noted, Failla had ruled in March that Walmart could end the partnership early because Capital One's customer service had fallen short.
The partnership began in 2019.
‘Too Slow’
Walmart, the world's largest retailer, sued Capital One in April 2023, saying the bank was too slow to post transactions to cardholder accounts, and failed to replace lost cards promptly.
Capital One countered that its alleged failures did not justify terminating the partnership, which both companies considered a "nuclear option,” Reuters reported.
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