NEW YORK CITY—Days after RCS Capital Corp.terminated its $700-million acquisition of ColeCapital from American Realty CapitalProperties, ARCP has filed suit against RCAP. ARCP saidWednesday it had filed litigation Tuesday in Delaware ChanceryCourt; RCAP did not respond to GlobeSt.com's requests for comment,nor did ARCP provide additional information on the lawsuit beyond anews release issued Wednesday morning.

“We continue to believe that RCS's attempt to terminate thepurchase agreement constitutes a breach” of that agreement to buyCole Capital, according to a statement the net leaseREIT issued Wednesday. “Under the circumstances,the independent members of the ARCP board of directors and ARCP hadno choice but to file this litigation in order to preserve andprotect the interests of ARCP's shareholders under the purchaseagreement.”

Both companies are chaired by NicholasSchorsch. However, as RCAP reiterated in a statementissued last week, they're separate companies, each with its ownindependent directors, separate accounting functions and nooverlapping management.