A federal appeals court in Louisville has upheld a $101.6 million damage award to real estate investment trust Ventas, Inc., in its case against HCP Inc. “for tortious interference with business expectation arising out of the company’s acquisition of Sunrise Senior Living REIT in April 2007,” according to a Ventas statement.
HCP was accused of driving up what Ventas paid to buy the Sunrise Senior Living real estate investment trust. Ventas originally made a bid in January 2007 to buy the Sunrise REIT, and HCP submitted a competing bid with multiple conditions on the purchase.
The U.S. Court of Appeals for the Sixth Circuit on Tuesday also ordered a trial in federal court to decide if Ventas is entitled to seek punitive damages against HCP.
“HCP is reviewing the Sixth Circuit's opinion to determine its options with respect to the ruling,” according to an HCP statement.
Sixth Circuit’s full opinion (PDF format)