Ventas awarded more than $100 million in lawsuit against HCP
A jury in Kentucky has awarded Ventas Inc. approximately $101 million in a lawsuit against HCP Inc. Ventas accused of HCP of interfering with its acquisition of Sunrise Senior Living Real Estate Investment Trust in April 2007.
During the trial, the court dismissed Ventas's claims for punitive damages, according to HCP. Ventas originally sought approximately $300 million in compensatory damages as well as punitive damages, HCP said. HCP will appeal the adverse jury verdict. Both Ventas and HCP are real estate investment trusts. Ventas is the landlord for Kindred Healthcare Inc., a nursing home chain.
Sunrise REIT had accepted an offer from Ventas in 2007 when HCP issued a competing offer to Sunrise REIT. A short legal fight ensued and the Ontario Court of Appeal determined that Sunrise REIT was obligated to comply with its purchase agreement with Ventas.