Tobacco companies put more than $700 million aside Monday rather than giving it to the states as part of a landmark 1998 settlement. R.J. Reynolds Tobacco paid about $1.4 billion but put $647 million in a "disputed payments account," said its GC, Charles Blixt. He added that the company believes it doesn't have to pay the extra $647 million because of a provision allowing cigarette makers to pay less if they have lost market share to smaller companies that didn't take part in the settlement.
April 18, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Tobacco companies put more than $700 million aside Monday rather than hand it over to the states in their battle over how much cigarette makers owe this year under a landmark 1998 settlement.
No. 2 cigarette maker R.J. Reynolds Tobacco Co. paid the states about $1.4 billion but withheld $647 million, putting it in a “disputed payments account,” Reynolds general counsel Charles Blixt said.
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