American Realty Capital, RCS Settle Litigation Over Cole Capital Sale

(RTTNews) - American Realty Capital Properties Inc. (ARCP) announced it has entered into a settlement agreement with RCS Capital Corp. (RCAP) that resolves their dispute over the sale of Cole Capital Partners, LLC and Cole Capital Advisors, Inc. to RCS Capital. American Realty Capital Properties will receive $60 million as part of the settlement. ARCP and RCS Capital have agreed to terminate or discontinue all agreements, arrangements and understandings between the two companies.

The agreement resolves litigation brought by ARCP to enforce its rights under the September 30, 2014 Equity Purchase Agreement between ARCP and RCS Capital, in which RCS Capital agreed to acquire all of ARCP's outstanding equity interests in both Cole Capital Partners, LLC and Cole Capital Advisors, Inc.