HCP, Inc. (NYSE:HCP) recently announced its intentions to promptly pay the approximately $102 million judgment that awards compensatory damages to Ventas, Inc. (NYSE:VTR).
In September 2009, a jury verdict awarded Ventas with the judgment after they filed a suit accusing HCP of tortious interference with business expectations concerning Ventas’ acquisition of Sunrise Senior Living REIT in April 2007.
Ventas originally sought approximately $300 million for both compensatory and punitive damages, but the court dismissed Ventas’ claims for punitive damages.
The U.S. Court of Appeals for the Sixth Circuit upheld the $101.6 million judgment for compensatory damages in May, after HCP appealed the ruling.
HCP accrued the full amount of the judgment during the third quarter of 2009, and says the payment will not have an additional impact on its earnings.
Written by Alyssa Gerace