Walmart sues Synchrony, seeks $800+ million

Identity Fraud

Walmart sues #Synchrony, seeks $800+ million in damages, according to reports in the #WSJ.  A #Walmart spokesman said, “We fully expect Synchrony to manufacture counterclaims in an effort to shift the focus away from its own conduct.”

Loan losses on Walmart cards increased after Synchrony converted some consumers who had Walmart store-only credit cards into Walmart co-branded cards.  Synchrony was the exclusive credit card issuer for close to twenty years until Walmart replaced it with #CapitalOne Financial this past summer.

#payments

https://www.wsj.com/articles/walmart-files-lawsuit-against-credit-card-issuer-synchrony-financial-1541113289