ITG Balks At Reynolds' Bid To Shift Fla. Cig Deal Payments

By Leslie A. Pappas (May 17, 2022, 8:53 PM EDT) -- ITG Brands LLC and R.J. Reynolds Tobacco Co. pointed fingers at each other in Delaware Chancery Court on Tuesday over which one is responsible for payments to Florida under a 1997 settlement over cigarette advertising.

In oral arguments on cross-motions for summary judgment, Reynolds insisted that ITG agreed to assume the settlement liabilities when it bought the Kool, Maverick, Salem and Winston brands from Reynolds in 2015 for $7.1 billion.

ITG countered that under the asset purchase agreement, it agreed only to use "reasonable best efforts" to reach a deal with Florida over settlement payments and that Reynolds didn't raise the...

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