Three major cigarette makers have agreed to pay billions of
dollars to end lawsuits in Canada, Philip Morris,
British American tobacco and Japan tobacco are the companies involved
. Philip Morris said Friday, the firms would pay
$23.6 billion to settle a long running suit. The
Canadian units of the three tobacco giants were dealt a
massive blow. In 2015. A Quebec court awarded
damages to some 100,000 smokers and former smokers. They
had alleged the companies knew since the 1950 s,
their product caused cancer and other illnesses and failed to
warn consumers adequately. After an appeal. A court
in 2019 upheld the decision that awarded smokers in the
Canadian province around 15 billion Canadian dollars. The decision
forced the local subsidiaries of all three companies to seek
bankruptcy protection. The subsidiaries have been under a court
supervised mediation process negotiating a possible settlement ever since Philip
Morris said the allocation of the aggregate settlement amount between
the tobacco giants remains unresolved. Adding that voting on
the plan would happen in December this year. British
American tobacco earlier on Friday said the proposed plan was
a positive step towards finding a resolution. Japan tobacco
did not immediately respond to Royce's requests for comment.