Tobacco Cos. Recoup $1.65B In Payment Deal With States

Law360, New York (December 18, 2012, 7:29 PM EST) -- R.J. Reynolds Tobacco Co., Philip Morris USA Inc. and other cigarette manufacturers on Tuesday secured more than $1.65 billion in credits as part of a deal with 19 U.S. states and territories over payment disputes from a 1998 master settlement agreement resolving public health claims.

The deal will remove an estimated $1.65 billion from the tobacco giants' obligations under the MSA for the next five years, the tobacco companies said. The landmark 1998 agreement, which includes 46 states and is valued at $206 billion, requires tobacco...
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