NEW YORK CITY—American Realty Capital Properties Inc. and RCS Capital Corp. said Thursday they have settled their dispute over RCS’ cancellation of its purchase of Cole Capital. ARCP is receiving $60 million from RCAP in order to terminate the Sept. 30 purchase agreement for RCAP to acquire Cole Capital Partners LLC and Cole Capital Advisors Inc. from ARCP for at least $700 million in cash, stock and assumed debt.

The settlement resolves a lawsuit filed by ARCP in the Delaware Court of Chancery after RCAP canceled the Cole Capital deal early last month; ARCP is dismissing that lawsuit with prejudice. As part of the settlement, ARCP and RCAP have also agreed to terminate any agreements, arrangements or understandings related to the Cole Capital sale, which RCAP canceled after ARCP reported accounting irregularities in quarterly financial results.

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