Last week, HCP (NYSE:HCP) announced that a jury reached a verdict in favor of Ventas, Inc., in an action brought against HCP in the United States District Court for the Western District of Kentucky for tortious interference with prospective business advantage in connection with Ventas’s 2007 acquisition of Sunrise Senior Living REIT. The jury awarded Ventas approximately$101 million in compensatory damages. During the trial, the court dismissed Ventas’s claims for punitive damages. Ventas originally sought approximately $300 million in compensatory damages as well as punitive damages.
“We are pleased that the jury recognized HCP’s significantly wrongful actions in improperly interfering with Ventas’s acquisition of Sunrise REIT,” said Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro in a press release associated with the verdict announcement. “The damages awarded by the jury, at least in part, will help compensate Ventas for the injury caused by HCP. We thank the jury members for their time and making the right decision.”
HCP has stated that it will appeal will appeal the adverse jury verdict.