Big tobacco companies reach tentative multibillion-dollar settlement with Canada
Three large tobacco companies would pay nearly $24 billion to settle a long-running legal battle in Canada
TORONTO (AP) — Three large tobacco companies would pay nearly $24 billion to settle a long-running legal battle in Canada, according to a proposed deal.
Philip Morris International said Friday that a court-appointed mediator had filed the proposed settlement with its Canadian affiliate, Rothmans, Benson & Hedges, over tobacco product-related claims and litigation in Canada. Similar deals were also filed covering JTI-Macdonald Corp. and Imperial Tobacco Canada Ltd.
“After years of mediation, we welcome this important step towards the resolution of long-pending tobacco product-related litigation in Canada,” Philip Morris International's CEO Jacek Olczak said in a statement.
The three tobacco companies had sought creditor protection in Ontario in early 2019 after they lost an appeal in a landmark court battle in Quebec.
