Tobacco companies are facing government lawsuits seeking hundreds of billions of dollars
The world’s largest tobacco companies suffered a legal setback in Quebec this month that drove two local cigarette makers into creditor protection. That may be the tip of the iceberg in Canada for British American Tobacco Plc and others facing separate government lawsuits seeking hundreds of billions of dollars.
The legal threat posed by Canada got more real this month, when the three companies’ local units were ordered to pay damages of about $14 billion in a set of class actions filed by Quebec smokers. That lawsuit, which prompted the Canadian units of BAT and Japan Tobacco to file for protection from creditors, is separate from the provincial claims.
The provinces argue that tobacco companies should compensate governments for smoking-related health costs. The firms say Canadian residents were fully aware of the risks since the 1950s. Moody’s Investors Service cited the legal issues in Canada on Tuesday when it put Japan Tobacco’s Aa3 debt ratings under review for a downgrade.
Ontario wants to amend its claim to $330 billion from an initial $50 billion. Quebec is going after $61 billion. British Columbia is finalizing its own number, though a preliminary report quantified damages at $118 billion.
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