Sullivan & Cromwell

Ventas Inc. filed a legal malpractice lawsuit against the New York law firm for allegedly providing faulty advice in a 1998 Kindred Healthcare spin off transaction. Ventas became a real estate investment trust and was Kindred's landlord but incurred prepayment penalties of $100 million. The lawsuit claimed Sullivan & Cromwell could have advised Ventas to transfer $750 million in outstanding bonds to its new corporate entity. Sullivan & Cromwell have agreed to pay a $25.5 million settlement. Ventas will receive $16 million in the settlement, while the rest will go to Myron Cherry & Associates who represented Ventas on a contingent fee basis. (Oct-31-05) [LAW.COM]

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