Walmart Inc. filed a lawsuit yesterday against its longtime credit-card issuer, Synchrony Financial, alleging that the lender breached terms of its contract with the retail giant, the Wall Street Journal reported. The lawsuit, filed in the U.S. District Court of the Western District of Arkansas, alleges that some of Synchrony’s underwriting standards financially harmed Walmart. The merchant said that it is seeking damages “in an amount to be proven at trial but estimated to be no less than $800 million.” Synchrony was Walmart’s exclusive credit-card issuer for nearly two decades until Walmart told Synchrony this summer it would replace the card issuer with Capital One Financial Corp.
