Three major Canadian tobacco companies—JTI-Macdonald Corp., Rothmans, Benson & Hedges, and Imperial Tobacco Canada Ltd.—are proposing a nearly $29 billion settlement to resolve legal claims stemming from years of litigation.
Three tobacco giants are proposing to pay close to $25 billion to provinces and territories and more than $4 billion to tens of thousands of Quebec smokers and their loved ones as part of a corporate restructuring process triggered by a long-running legal battle.
The Ontario court put all legal proceedings against the companies on hold as they tried to work out a deal with their creditors, which include the plaintiffs in two Quebec class-action lawsuits as well as provincial governments seeking to recover smoking-related health-care costs. "When we took this case, there had never been a single plaintiff who had received a single penny from a tobacco company," he said Thursday.
While many of the class-action members died before they could receive any money from the companies, their successors — and in some cases, their successors' successors — will be eligible for compensation, he said. Negotiations between the companies and their creditors were confidential, and several health-care groups argued the lack of transparency surrounding the talks would benefit the companies at the expense of other stakeholders.
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