TORONTO — Creditors of three major tobacco companies will get the chance to weigh in on a proposed multi-billion-dollar settlement in December.
An Ontario court has approved a motion that would see representatives for the creditors, which include provincial governments and plaintiffs in two Quebec class-action lawsuits, review and vote on the proposal on Dec. 12.
The proposal would see the three companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — pay $24 billion to provinces and territories and more than $4 billion to tens of thousands of Quebec smokers and their heirs. Several of the other parties argued Thursday that JTI-Macdonald Corp.'s concerns should be raised and addressed later in the process.
"RBH has not agreed to the proposed plan with the allocation issue unresolved," the company said in the document. Other payments laid out in the proposal include more than $2.5 billion for smokers in other provinces and territories who were diagnosed with smoking-related illnesses over a four-year period, and more than $1 billion for a foundation to help detect and prevent tobacco-related diseases.
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