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The settlement also dissolved the tobacco industry groups Tobacco Institute, the Center for Indoor Air Research, and the Council for Tobacco Research. In the MSA, the original participating manufacturers (OPM) agreed to pay a minimum of $206 billion over the first 25 years of the agreement.
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 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.
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 ...
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 ...
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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 ...
The Tobacco Institute, Inc. was a United States tobacco industry trade group, founded in 1958 by the American tobacco industry. [ 1 ] : 251 [ 2 ] It was dissolved in 1998 as part of the Tobacco Master Settlement Agreement .