Philip Morris To Receive Nearly $5 Billion In Settlement Funds

Yahoo ^ | 4/15/02

[Tumbleweed_Connection]

Philip Morris U.S.A. (MO) and other major tobacco companies will make their scheduled payments to the states under the terms of the 1998 tobacco settlement agreement.

According to the National Association of Attorneys General, this industry payment will be about $5 billion.

In a press release Monday, Philip Morris said it has made payments of more than $11.5 billion since 1998 as part of its obligation under the tobacco settlement agreement between the states and participating tobacco companies.

The agreement calls the industry to pay more than $200 billion to the states over 25 years, and payments will continue in perpetuity.

[TheHeterodoxConservative]

They sure goofed up that headline, didn't they?

[Phantom Lord]

The tobacco companies should cease payments on the grounds that the funds are not being used for the purposes spelled out in the settlement.

[billybudd]

How could you screw that headline up? It's completely wrong!

[klgator]

I think it's spelled E-X-T-O-R-T-I-O-N

[ctdonath2]

Ithaca NY used its settlement money to put solar cells on the city library. This is in a city which is under a foot of snow half the year and which is in one of the cloudiest parts of the country.

Not exactly a wise or relevant use of money extorted in the name of "public health".

[AZLiberty]

Corporations don't pay taxes. People do.