Dillard’s, Inc. (NYSE: DDS) filed a complaint against Wells Fargo & Company, alleging that the bank has repeatedly violated its co-marked credit card partnership now, which has led to tens of millions of dollars of losses for the store chain. In a strongly -expared complaint subject to the Manhattan Federal Court, DDS said that Wells Fargo had become a “reluctant and incapable partner” after entering regulatory consent orders in 2016 and 2018, which addressed the problems of bank practices.
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Dillard’s, Inc. (NYSE: DDS) said that it was “shocked” to discover in June 2024 that Wells Fargo, the fourth largest American bank, had decided to leave the market of co-marked cards without notifying DDS, its “leading partner”.
DDS said that he had welcomed the end of the relationship of a decade, but accused Wells Fargo of “nasty driving” continues during the termination process. The retailer, which operates 272 stores in 30 states and has declared $ 593 million in net profit on $ 6.59 billion in revenues for the year ending on February 1, 2025, has since partnered with Citigroup. The bank will buy the existing Dillard credit card accounts, with Mastercard serving as a new payment network. Wells Fargo did not comment on the trial.
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