Capital One Financial
COF,
fell 3.5% in premarket trades Monday after reports that Walmart Inc.
WMT,
sued the credit-card giant in an effort to scrap a credit-card partnership. The Wall Street Journal reported that Walmart has filed its suit because Capital One allegedly came up short on its service obligations such as failing to replace lost cards or post some transactions to customers’ accounts in a timely manner. Capitol One said the claims were “immaterial,” the Journal said. Capital One plans to “vigorously protect our contractual rights in court,” a spokesperson told the newspaper.
