Oaktree Capital Management LP filed a lawsuit in New York against BJ's Wholesale Club Inc. The asset manager accuses the retailer of breaching a binding agreement to sell rights to approximately $29 million in tariff refunds.
Oaktree claims BJ's agreed to sell the claim for 70 cents on the dollar. The suit alleges BJ's walked away from the deal after the market value of the refunds increased.
The filing describes the move as unlawful and bad-faith seller's remorse. This dispute highlights the growth of the niche market for trading tariff refund claims.
BJ's Wholesale Club has not issued a public comment regarding the allegations.