NEW YORK CITY (dpa-AFX) - Philip Morris International Inc. (PM) Friday announced that a Canadian court has approved a settlement plan for its deconsolidated affiliate, Rothmans, Benson & Hedges Inc. or RBH, resolving all tobacco-related claims against RBH, its affiliates, and PM.
Similar plans were also approved for Imperial Tobacco Canada Limited and JTI-Macdonald Corp.
Following mediation, RBH, Imperial Tobacco, and JTI-Macdonald reached a resolution on the C$32.5 billion settlement.
RBH will retain C$750 million and be released from litigation. Implementation is expected in 2025, with PMI anticipating no impact on its consolidated financial statements.
PM is currently trading at $153.29, down 0.17 percent or $0.26 on the New York Stock Exchange.
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