Oaktree Capital Accuses BJ’s of Breaching Tariff Refund Deal (1)

Oaktree Capital Management LP sued BJ’s Wholesale Club Inc. for allegedly backing out of a deal to sell its rights to around $29 million in tariff refunds for 70 cents on the dollar.

In a suit filed Monday in New York, Howard Marks’ asset management giant said BJ’s walked away from a binding agreement with Oaktree because “the market value” of its tariff claim had increased above their agreed sale price.

“This is a case about unlawful and bad-faith seller’s remorse,” Oaktree said in its complaint. BJ’s didn’t immediately respond to a message seeking comment.

The dispute highlights ...