Court Says RJR Must Continue Fla. Tobacco Payments
Law360 (July 29, 2020, 6:27 PM EDT) -- A Florida appeals court ruled Wednesday that R.J. Reynolds must continue making annual tobacco settlement payments to the state for the Winston, Kool, Salem and Maverick cigarette brands it sold to ITG Brands LLC for $7 billion.
Florida's Fourth District Court of Appeal affirmed a trial court ruling that said the 2014 asset purchase agreement, or APA, between ITG and R.J. Reynolds Tobacco Co. never modified the terms of the 1997 landmark settlement agreement with tobacco companies, which requires them to pay states hundreds of millions of dollars each year to compensate for public health care expenses tied to smoking....
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