Foundation gives $650k for new Northern Nevada addiction center
Renown Health Foundation will use $650,000 in restitution dollars from a multistate settlement with Deutsche Bank to help fund an addiction and mental health center in Northern Nevada, the attorney general’s office announced Tuesday.
The Stacie Mathewson Behavioral Health & Addiction Institute announced its anticipated launch in May with a $6 million contribution from Charles N. Mathewson and Stacie L. Mathewson to treat those with addiction and mental health disorders.
The additional funds for the institute come from a $220 million settlement with Deutsche Bank related to “deceptive trade practices” announced in October. Attorney General Adam Laxalt joined 44 other state attorneys general in the settlement, which resulted in a lump sum repayment to Renown Health that the health-care company directed the funding to the new center.
“We have taken an all-of-the-above approach to the opioid crisis, and we are heartened that Renown Health chose to use these funds to make a lasting investment in mental health and addiction recovery services,” Laxalt said in a news release.
The settlement accused Deutsche Bank of manipulating the London Interbank Offered Rate (LIBOR), an interest rate used as a mortgage rate benchmark, the release said. Renown was owed just over $650,000 in restitution as calculated by the settlement’s multistate executive committee.
Nevada ranks 51st in the nation for overall access to mental health care, according to Mental Health America.
Contact Jessie Bekker at jbekker@reviewjournal.com or 702-380-4563. Follow @jessiebekks on Twitter.