Walmart sues Synchrony for $800M

Walmart Inc. filed suit against Synchrony Financial for "no less than $800 million" in an Arkansas court.

In the suit, Walmart alleges Synchrony committed breach of contract.

Walmart in July selected Capital One as its new credit card issuer after nearly 20 years with Synchrony. Walmart alleges Synchrony breached its deal for credit cards issued to Walmart shoppers and financially harmed the Arkansas-based retailer.

Synchrony responded in in a statement that "this lawsuit is nothing more than an attempt by Walmart to exert leverage and avoid the contractually defined process for valuing the loan portfolio that Synchrony has serviced on behalf of millions of Walmart customers for the last 20 years."

Read more from the New York Business Journal.