Illinois receives $40 million less from big tobacco
Cigarette makers R. J. Reynolds and Lorillard withheld $755 million from their April 17 payments to states under the national tobacco settlement.
They withheld about $40 million that Illinois would have received.
Reynolds cut its payments by almost a third, from $2.016 billion to $1.369 billion. It put the difference, $647 million, in an escrow account.
Lorillard cut its payments by almost a sixth, from $658 million to $550 million. It put the difference, $108 million, in an escrow account.
Industry leader Philip Morris paid in full, at $3.4 billion, but declared it would recover some of that through the same adjustment Reynolds and Lorillard invoked.
States swiftly began suing all three. Illinois Attorney General Lisa Madigan sued them in Cook County Circuit Court.
[...]
They withheld about $40 million that Illinois would have received.
Reynolds cut its payments by almost a third, from $2.016 billion to $1.369 billion. It put the difference, $647 million, in an escrow account.
Lorillard cut its payments by almost a sixth, from $658 million to $550 million. It put the difference, $108 million, in an escrow account.
Industry leader Philip Morris paid in full, at $3.4 billion, but declared it would recover some of that through the same adjustment Reynolds and Lorillard invoked.
States swiftly began suing all three. Illinois Attorney General Lisa Madigan sued them in Cook County Circuit Court.
[...]
posted by TheFuriousGourmet | 9:51 AM
0 Comments:
Post a Comment
<< Home