An Ohio economic development organization has dropped a lawsuit against defunct health IT company Olive AI, Columbus Business First reported Dec. 4.
JobsOhio, a private nonprofit that works with the state Department of Development, had been trying to claw back $598,000 in incentives it claimed Olive AI failed to meet the requirements for. Olive AI, which automated revenue cycle functions for hundreds of hospitals, was once valued at $4 billion before being liquidated in 2023 for less than $50 million.
Olive AI settled an initial lawsuit from JobsOhio for $400,000 but the nonprofit was unable to collect the judgment because the company's former banks said there were no accounts, according to the news outlet.
A notice in the Franklin County Court of Common Pleas said the case has been dismissed or settled and can't be refiled, according to the story. Attorneys for Olive AI and its former executives declined to comment to the news outlet, while JobsOhio was not immediately available.