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.”
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