A group of 15 plaintiffs’ attorneys for states involved in the nationwide tobacco settlement are exploring floating a bond issue that would enable them to receive billions of dollars immediately rather than waiting 16 years or longer to receive the full amount of their fees.
The group has asked about 10 New York-based investment banking firms to submit proposals for the issuance of bonds that would be backed by the income stream generated by the fee awards, confirmed Robert Lieff, one of the lawyers involved in the effort.
