Texas Reaches a $195 Million Settlement With Tobacco Companies

Texas Attorney General Ken Paxton announced a $195 million settlement agreement with a major tobacco company, according to a press release.

The 1998 Texas Tobacco Settlement Agreement states that major tobacco companies “must make annual payments to Texas to reimburse it for smoking-related health care costs.”

ITG Brands LLC acquired four cigarette brands from R.J. Reynolds Tobacco Company: Kool, Maverick, Salem and Winston in 2015.

Since then, neither brand paid the State of Texas the required settlement payment.

ITG Brands has now assumed the financial obligations and agreed to pay $195 million in back payments owed to Texas. 

Read the source article at Rio Grande Valley News & Weather

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