RCS Capital Corporation (RCAP) has agreed to pay American Realty Capital Properties (ARCP) $60 million to settle litigation arising from RCAP’s cancellation of an agreement to acquire Cole Capital from ARCP.

The payment consists of a cash breakup fee of $32.7 million, a $15.3 million two-year note and forfeiture of a $10 million payment RCAP previously made in connection with the deal plus loss of another $2 million RCAP was to get from ARCP.

RCAP reneged on the $700 million Cole purchase in early November after ARCP had to restate earnings because of what the company said were “intentional” accounting errors.

The settlement ends the internecine fight -- and separates the two firms -- both part of the web of companies controlled by Nicholas Schorsch, chairman and former chief executive officer of ARCP and executive chairman of the board of RCAP.

The agreement will “unwind and terminate all arrangements between the two companies and their subsidiaries,” ARCP said.

ARCP, the publicly traded REIT, also manages and distributes non-traded REITs sponsored by Cole.

RCAP had already stopped selling Cole products.

In addition, ARCP said it had retained Morgan Stanley & Co. and Citigroup Global Markets to evaluate “long-term alternatives for Cole Capital.”