The United States Court of Appeals for the Sixth Circuit denied HCP’s (NYSE:HCP) request to reconsider a previous decision where a jury ruled it must pay approximately $102 million in damages to Ventas (NYSE: VTR) on Monday.
HCP, a real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States, had requested the court to dismiss the case or begin a new trial. By denying HCP’s rehearing petition, the court makes its prior decision final and said it should proceed to trial on the single issue of punitive damages
“We are gratified that the United States Court of Appeals for the Sixth Circuit has reconfirmed its decision in Ventas’s favor,” said Debra A. Cafaro, Chairman and Chief Executive Officer of Ventas in a statement.
The lawsuit stems from Ventas’ acquisition of Sunrise Senior Living REIT in 2007, where it claims HCP interfered with the transaction. Prior to the Sixth Circuit ruling, a jury blocked Ventas from seeking punitive damages against HCP for its conduct.
Ventas, Inc., an S&P 500 company, is a leading healthcare real estate investment trust with a diverse portfolio of more than 700 assets in 44 states.