More details expected on proposed deal that would see tobacco giants pay billions [Yahoo! Finance Canada]
JAPAN TOBACCO UNSP/ADR (JAPAY)
NASDAQ:AMEX Investor Relations:
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Company Research
Source: Yahoo! Finance Canada
The companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — sought creditor protection in Ontario in 2019 after Quebec's highest court upheld a ruling ordering them to pay nearly $15 billion in two class-action lawsuits. All legal proceedings against the companies were then put on hold so the three could continue to operate as they worked towards a global settlement with their creditors, which include the Quebec plaintiffs and provincial governments looking to recoup smoking-related health-care costs. A proposed plan of arrangement developed through mediation was filed in court Thursday, and includes nearly $25 billion for provincial and territorial governments as well as more than $4 billion for the Quebec class-action members. It also includes more than $2.5 billion for smokers in other provinces and territories who were diagnosed with lung cancer, throat cancer or chronic obstructive pulmonary disease between March 2015 and March 2019.
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