Credit: Shutterstock.com Trinity Health Retains $15M 'Breakup Fee' Following Failed Sale of Two NJ Hospitals
The two sides disputed whether the five issues identified by Cooper satisfied the definition of "due diligence issues" under the LOI, and they disputed the timeline of events that took place when negotiations broke down, according to Bumb.
November 02, 2022 at 04:11 PM
3 minute read
Trinity Health recently prevailed before a unanimous federal jury, retaining a $15 million "breakup fee" for the Cooper Health System's withdrawal from a 2017 agreement to purchase two New Jersey hospitals.
According to an opinion issued by U.S. District Judge Renee Marie Bumb of the District of New Jersey in December 2021, Cooper entered into a letter of intent to purchase Our Lady of Lourdes Medical Center in Camden and St. Francis Medical Center in Trenton. The two hospitals were to be purchased from a subsidiary of Trinity, Maxis Health. According to the LOI dated Aug. 31, 2017, Cooper had 90 days to perform its due diligence.
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