$32.5B settlement with tobacco giants approved by creditors, lawyer says – GLOBAL
December 12, 2024
A proposed deal that would see three tobacco giants pay out billions to provinces and territories, as well as smokers across Canada, has been approved by the companies’ creditors, a lawyer representing some of the creditors said Thursday, calling it an important milestone in a lengthy legal saga.
The proposed $32.5-billion global settlement between the companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — and their creditors was announced in October after more than five years of negotiations.
Representatives for the creditors, which include provincial governments seeking to recover smoking-related health-care costs as well as plaintiffs in two Quebec class-action lawsuits, voted on the plan in a virtual meeting Thursday afternoon.
Read more: https://globalnews.ca/news/10915856/canada-tobacco-settlement-approved/
