Court rules Ventas may collect $102 million judgment
Healthcare real estate investment trust Ventas, Inc., said in a statement Monday that a federal court has ruled that the company may immediately collect its $102 million compensatory damages judgment against HCP, Inc., originally awarded by a federal jury in 2009. The companies had previously agreed to delay payment during HCP’s appeal.
The U.S. District Court for the Western District of Kentucky determined that HCP could not further delay enforcement of the judgment, Ventas said in the statement. The case stems from Ventas’ accusation that HCP drove up the purchase price of the Sunrise Senior Living real estate investment trust during its 2007 acquisition.
A federal jury trial to determine whether Ventas is entitled to punitive damages is scheduled to commence in February.
Ventas’ portfolio includes senior housing communities and skilled nursing facilities, among other healthcare properties in 47 states and two Canadian provinces.