A New York appellate panel handed tobacco companies a victory Thursday by ruling that disputes over reductions in their payments to the states under a $206 billion nationwide settlement must go to arbitration. Under the settlement, which compensates states for funds spent treating smoking-related illnesses, the states receive $6.2 billion annually from 45 participating companies. The ruling has enormous fiscal implications for the states as the reduction could amount to more than $1 billion a year.
April 07, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Employing broad language, New York’s Appellate Division, 1st Department, handed tobacco companies a victory Thursday by ruling that disputes over reductions in their payments to the states under a $206 billion nationwide settlement must go to arbitration.
The ruling has enormous fiscal implications for the states since the reduction could amount to more than $1 billion a year.
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