Rite Aid Faces $60M Development Suit Over Canceled Stores

Law360, New York (June 29, 2012, 2:00 PM EDT) -- A slew of developers have accused Rite Aid Corp. and Thrifty PayLess Inc. of breaching rent contracts and racking up nearly $60 million in unpaid rent and contractors' out-of-pocket expenses through a “preferred developer” scheme, according to a suit removed to federal court in Washington state Thursday.

The developers, who had been on Rite Aid's go-to list for the construction of new stores, claim the company illegally terminated leases and other financial agreements when the 2008 recession caused it to rethink opening a string of new...
To view the full article, register now.




Case Information

Case Title

Nicholson et al v. Thrifty PayLess Inc et al

Case Number



Washington Western

Nature of Suit

Contract: Other


Robert S. Lasnik

Date Filed

June 28, 2012


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.