Sunrise Senior Living, Inc. (NYSE: SRZ) announced that, in an oral ruling, the United States District Court for the Eastern District of Virginia granted summary judgment for Sunrise, dismissing all claims in the litigation filed against the Company by HCP, Inc. with respect to management agreements under which Sunrise manages four assisted living communities owned by HCP. Sunrise expects a formal written order in the coming weeks.
"We are very pleased that the Court has thrown out the baseless case brought against Sunrise by HCP," said Mark Ordan, Sunrise’s chief executive officer. "The Court’s ruling confirms that Sunrise has fulfilled its obligations under the management contracts with HCP. We are grateful for the support of our team members, shareholders, residents and their families throughout this process. The greatest strength of our Company has always been the outstanding service we provide to all of our seniors and we look forward to continuing to serve these communities."