TBA Law Blog

Posted by: Brittany Sims on Apr 26, 2013

Tennessee will receive approximately $40 million to distribute to charitable purposes after reaching a settlement agreement with National Health Investors (NHI) and National Healthcare Corporation (NHC), the Nashville Business Journal reports. In 2007, the receiver for nonprofit organizations SeniorTrust and ElderTrust filed suit against NHI and NHC for selling financially troubled nursing homes to nonprofits at prices significantly above fair value. “We believe this settlement is in the best interest of the public and upholds the appropriate use of Tennessee charities,” said Attorney General Bob Cooper. “The Court will ultimately determine how these funds can be used for charitable purposes, and the Office of the Attorney General will seek and welcome public input in that process.”