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The Tobacco Master Settlement Agreement (MSA) was entered on November 23, 1998, originally between the four largest United States tobacco companies (Philip Morris Inc., R. J. Reynolds, Brown & Williamson and Lorillard – the "original participating manufacturers", referred to as the "Majors") and the attorneys general of 46 states.
The Tobacco Settlement Financing Corporation was created as a separate legal subsidiary of the New York State Municipal Bond Bank Agency to securitize a portion of the State's future revenues from its share of the 1998 Master Settlement with the participating cigarette manufacturers in order to make a $4.2 billion payment to State's General Fund.
The state is seeking $58 million from tobacco companies Philip Morris and R.J. Reynolds Tobacco, alleging that they underpaid what they owe Minnesota in a landmark 1998 lawsuit settlement over the ...
This settlement included payments to states, restrictions on advertisements, and free access to internal industry research, although some have criticized the settlement for shielding the industry from future lawsuits, granting a monopoly to the largest tobacco companies, creating "client states" dependent on settlement payments, and shifting ...
Despite receiving billions from the 1998 tobacco settlement and taxes, U.S. states spend less than two percent of these funds to prevent kids from smoking.
That was the situation in 1998, when Philip Morris, along with several other of the world's largest tobacco companies, ended years of litigation with 46 states through a master settlement ...
The tobacco companies also agreed to pay various sums to the settling states over 25 years, in amounts to be calculated based upon a complex formula. Id. at 112–114. It is estimated that at the end of the 25-year payout, Hawaii will have received as much as $1.38 billion.
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