RCS Trust Seeks To Reargue Tossed AR Cap Breach Claim

Law360 (March 6, 2018, 9:17 PM EST) -- The creditor trust formed during RCS Capital Corp.’s $1 billion bankruptcy urged a Delaware vice chancellor Tuesday to allow reargument of a dismissed lawsuit claim that controlling investor Nicholas Schorsch’s AR Capital overstaffed RCS and forced overspending that drove it into Chapter 11.

Vice Chancellor Sam Glasscock III in November tossed the RCS, or “RCAP,” claim that controlling investors had a material motivation to breach their duty to the affiliate. That decision was part of a mixed ruling that retained some claims — including the “core”...
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