ARV Says Suit Will Cost It $5.4 Million

ARV Assisted Living Inc. said late Wednesday that a California state court ruled it must pay $5.4 million to Seattle-based Emeritus Corp. Emeritus charged in an April 1998 suit that ARV’s shareholder rights plan had been triggered by a deal that ultimately gave Lazard Freres Real Estate Investors a 47.8% stake in Costa Mesa-based ARV.

Emeritus, which controls 138 senior living complexes, sought $18 million in its suit. Officials at the two companies couldn’t be reached late Wednesday. ARV said in a statement that it planned to appeal the decision.