Capital One Shares Tumble After Walmart Sues Company to End Credit Card Partnership

Capital One Financial (NYSE:COF) shares sank more than 4% in premarket trading Monday after The Wall Street Journal reported Walmart (NYSE:WMT) is suing its credit card partner and seeking to terminate the partnership.

The lawsuit, filed by Walmart this week in the Southern District of New York, claims Capital One didn’t meet certain terms of the partnership contract.

The retailer believes Capital One did not provide the required and contracted customer service, for example, by not replacing lost cards promptly and not swiftly posting some transactions and payments to cardholders’ accounts.

Read the source article at investing.com