Settlement with nonprofits could bring $40 million
NASHVILLE, Tenn. (AP) - A long-standing legal dispute between two publicly traded healthcare companies and the receiver for two Tennessee non-profit corporations could ultimately result in $40 million going to charities in the Volunteer State.
State Attorney General Bob Cooper's office announced Friday that a settlement had been reached between National Health Investors, National HealthCare Corp. and the court-appointed receiver for two Tennessee nonprofits.
Cooper had previously asked a Nashville judge to place NHI and NHC in receivership. The receiver turned around and sued the companies over concerns about the financial terms in deals involving nursing home facilities sold to nonprofits.
Cooper's office said the settlement terms, along with the liquidation of assets, will result in a $40 million payout.
The settlement still has to be approved by a court.