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Stock impact report

BAT says close to settling Canadian tobacco litigation [Yahoo! Finance Canada]

British American Tobacco Industries, p.l.c. ADR (BTI) 
NASDAQ:AMEX Investor Relations: bat.com/ir
(Reuters) - British American Tobacco said on Friday a plan has been filed in a Canadian court to potentially resolve and settle its Canadian subsidiary's tobacco litigation in the country, more than five years after the unit filed for bankruptcy protection. BAT's unit Imperial Tobacco Canada (ITCAN) has been under a court supervised mediation process negotiating a possible settlement of all its outstanding tobacco litigation in Canada. The unit had sought bankruptcy protection in 2019 shortly after a Quebec court upheld a 2015 decision that awarded smokers in the Canadian province around C$15 billion ($10.88 billion) in a blow to subsidiaries of BAT, Philip Morris International and Japan Tobacco International. BAT had said it would set aside 436 million pounds ($569.68 million) in 2019, after the Quebec court upheld its decision. The court-appointed mediator's and monitor's plan of compromise and arrangement has been filed in the Ontario Superior Court of Justice, BAT said on Show less Read more
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