Skip to content
Subscriber Only

RCS Capital Jumps After Settling Suit Over Dropped ARCP Deal

Updated on

RCS Capital Corp., the investment firm that has plunged since the revelation of accounting errors at American Realty Capital Properties Inc., rose the most since March after settling a lawsuit with the real estate investment trust over a canceled acquisition.

RCS will pay $60 million to resolve the litigation, American Realty Capital Properties, or ARCP, said in a statement today. The New York-based companies -- who share a chairman, Nicholas Schorsch -- had been at odds after RCS last month pulled out of a roughly $700 million deal to buy ARCP’s Cole Capital unit.