Walmart sued Capital One for failing to follow through on the partnership agreement and ending the credit card deal early. Ever since Walmart sued Capital One for terminating its credit card partnership agreement, it has dwarfed all business news of late. Now, this legal fight between the two companies has caught the attention of people from all over the world. What’s happening? As there are many people looking for details of the Walmart vs Capital One lawsuit, we have laid out all the imperative details of the lawsuit. So stay tuned to 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 failed to meet its customer service standards as the sole issuer of Walmart’s private-label and co-branded credit card company in the United States. The lawsuit has reportedly been filed in the US District Court for the Southern District of New York. Walmart filed the lawsuit against Capital One on Friday and is seeking to terminate the deal it closed with Capital One worth more than $1 billion in 2018. Scroll down the page for more details.
It has been alleged that Capital One struggled to deliver on promises in the contract. Walmart alleged that the bank failed to meet its retail partner’s customer service standards during the rolling 12-month period on at least five critical service criteria. The lawsuit states: “Unfortunately, Capital One was unable to meet the customer service standards required by the contract. He [service loan agreements] are…essential to preserving the quality of customer service at the core of the Walmart brand.” Skip to the next section and read what the Capital One spokesperson had to say.
According to the lawsuit, Capital One was unable to replace customer cards within the critical five-day period that it should have. While Capital One said in a statement that Walmart’s effort to renegotiate the economic terms of the partnership ended in the lawsuit. A bank spokesperson said these service issues were not material and that (Capital One) fixed them in accordance with the terms of the agreement, without prejudice to customers, the program or Walmart. The bank questions that Walmart has the right to change the terms of the existing partnership midway, and we will vigorously protect our contractual rights in court. Stay tuned to this website for more details and updates.
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Source: vtt.edu.vn