BJ's Reports on Credit Card Litigation
In its quarterly earnings announcement on Tuesday morning, BJ's Wholesale Club announced it was increasing its reserve for claims against it by various credit card banks. The total amount BJ's has reserved is now $10 million.
The charge to increase the company's credit card reserve was driven primarily by an increase in the company's estimate of legal expenses to be incurred. BJ's is vigorously contesting all claims and will continue to explore all possible defenses and all possible claims against others.
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