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Fee-driven scheme behind American Realty deals

Investors' class action accuses managers of manipulating data to inflate stock for takeovers, which generate fees, and that didn't deliver promised benefits to Reit or shareholders

New York

BEHIND the accounting errors that knocked US$4 billion off American Realty Capital Properties Inc's market value was a hidden scheme that generated more than US$900 million in managers' fees and bonuses, investors said in a lawsuit against the company.

Ex-chairman Nicholas...

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