HCP, Long Beach, Calif., agreed to pay an additional $125 million to fellow healthcare real estate investment trust Ventas, Chicago, to settle all claims related to Ventas' purchase of Sunrise Senior Living Real Estate Investment Trust, Toronto, in 2007, according to news releases from the companies.
HCP to pay $125 million in settlement with Ventas
HCP already paid $102.8 million to Ventas as a result of an August court ruling in a Ventas suit related to the battle between HCP and Ventas to purchase Sunrise Senior Living, according to the HCP release. "We are pleased to reach a final resolution of this matter," said Jay Flaherty, chairman and CEO of HCP in the release. "This settlement allows us to put the lawsuit behind us and concentrate all of our efforts on growing our business," Flaherty said.
The settlement is expected to be paid today and will result in the dismissal of all cases, appeals and petitions, according to Ventas' release. "This settlement concludes our litigation against HCP with a favorable result that will benefit our shareholders immediately," Ventas Chairwoman and CEO Debra Cafaro said in the release.
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