1.7K Walmart Settles Lawsuit with Capital One Over Credit Card Partnership In a significant development, Walmart Inc. has settled its lawsuit against Capital One Financial Corp.concerning their credit card partnership. This partnership, which designated Capital One as the exclusive issuer of Walmart-branded consumer credit cards, ended last month. The case was officially dismissed on Thursday by U.S. District Judge Katherine Polk Failla in Manhattan after both companies resolved all their claims and counterclaims. The specific terms of the settlement were not disclosed to the public. The partnership between Walmart and Capital One began in 2019. However, in March, Judge Failla ruled that Walmart had the right to terminate the partnership early due to Capital One’s subpar customer service. Walmart had raised concerns about the bank’s slow transaction posting and delays in replacing lost cards, which they argued did not meet the agreed standards. A spokeswoman for Walmart, based in Bentonville, Arkansas, chose not to comment on the settlement when approached on Friday. Similarly, Capital One, headquartered in McLean, Virginia, and its legal representatives did not immediately respond to requests for comment. Walmart, recognized as the world’s largest retailer, initially filed the lawsuit against Capital One in April 2023. The retailer accused the bank of inefficiency in managing cardholder transactions and delays in issuing replacement cards. Capital One, on the other hand, argued that the alleged service failures were not sufficient grounds for Walmart to terminate the partnership, describing the termination as a “nuclear option.” As the partnership concluded, Capital One announced plans to convert eligible Walmart-branded credit cards to other types of cards. They assured cardholders that they would retain any rewards they had accrued. Additionally, in February, Capital One agreed to acquire Discover Financial Services (DFS.N) in an all-stock transaction valued at $35.3 billion, marking a significant expansion in the credit card market for Capital One. The case is officially recorded as Walmart Inc et al v Capital One NA, U.S. District Court, Southern District of New York, No. 23-02942. You Might Be Interested In Fintechs’ Role in Developing a Climate-Centric Financial Architecture for Africa Nigerian Banks Impacted as Congo’s Central Bank Mandates Sale of 45% Stake Western Banks Express Concerns Over EU Plan to Seize Russian Assets, Sources Say Cash Decline Boosts UK Tax Revenue by £12bn Ethiopia Faces Dilemma Over Currency Devaluation U.S. Steel Shareholders Overwhelmingly Endorse Merger with Nippon Steel Corporation