Health care real estate investment trust Ventas Inc. said Monday a federal appeals court denied a request by HCP Inc. to reconsider the affirmation of a $102 million jury verdict in favor of Ventas.
On May 17, a federal appeals court upheld the award to Ventas in its case against HCP, which was accused of driving up the price Ventas paid to buy the Sunrise Senior Living real estate investment trust.
The 6th U.S. Circuit Court of Appeals also ordered a trial in federal court in Louisville on the issue of whether HCP should have to pay punitive damages. HCP is requesting a dismissal of the case or a new trial.
Ventas, a Chicago-based real estate investment trust, made a bid in January 2007 to buy Sunrise, a Canadian company. HCP submitted a competing bid with multiple conditions on the purchase. Ventas then sued Long Beach, Calif.-based HCP, accusing the company of driving up its acquisition price.
Shares of Ventas climbed 13 cents to $52.88 in afternoon trading, while HCP stock fell 5 cents to $36.50.