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Philip Morris, BAT, JTI Units Propose $32.5B Historic Settlement in Canada Tobacco Litigation

Oct 18, 2024, 02:45 AM

Major tobacco companies, including Philip Morris, British American Tobacco, and Japan Tobacco International units in Canada, are set to pay $23.6 billion in a historic proposed settlement to resolve tobacco product-related claims and litigation. A court-appointed mediator has proposed the resolution plan under Canada's Companies' Creditors Arrangement Act (CCAA) after years of negotiations. The settlement aims to address numerous lawsuits filed by provinces and individuals seeking compensation for healthcare costs and damages linked to tobacco use. The total payout could reach up to $32.5 billion to Canadian provinces and smokers. British American Tobacco's shares fell 2.2% following the announcement, as the company indicated it is close to settling the litigation in Canada.