Oaktree Capital Accuses BJ’s of Breaching Tariff Refund Deal
A customer loads groceries into the trunk of a vehicle outside a BJ's Wholesale Club in Miami.
Photographer: Scott McIntyre/BloombergOaktree Capital Management LP sued BJ’s Wholesale Club Inc. for allegedly backing out of a deal to sell its rights to around $29 million in tariff refunds for 70 cents on the dollar.
In a suit filed Monday in New York, Howard Marks’ asset management giant said BJ’s walked away from a binding agreement with Oaktree because “the market value” of its tariff claim had increased above their agreed sale price.