American Realty Capital Sues RCS Capital

American Realty Capital Sues RCS Capital

American Realty Capital Properties (NASDAQ: ARCP) has filed a lawsuit against RCS Capital Corp. (NYSE: RCAP) over RCAP’s termination of the deal to acquire Cole Capital.

Last week, RCAP called off the deal topurchase non-traded REIT sponsor Cole Capital from its sister company for $700 million, after ARCP announced a $23 million accounting error. ARCP responded, “RCS has no right and there is absolutely no basis for RCS to terminate the agreement.”

To read the rest of the story, please visit wealthmanagement.com.

TAGS: REITs News
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