Synchrony Investors Seek Approval of $34 Million Settlement

Synchrony Financial shareholders have asked for preliminary approval of a $34 million settlement over allegations that the private-label credit card provider misrepresented the health of its partnership with Walmart Inc.

The proposed deal is “a very favorable result” for the class, the investors told the US District Court for the District of Connecticut April 7.

The suit nearly ended in 2020, when the court dismissed it. But the the US Court of Appeals for the Second Circuit revived it the following year, and Judge Victor A. Bolden granted class certification in February.

The allegations highlight the risks in the private-label ...