TOKYO — Japan Tobacco Inc., along with its two major competitors, Philip Morris International and British American Tobacco, has reached a historic agreement to pay a combined 32.5 billion Canadian dollars (approximately $22.6 billion) to settle ongoing legal disputes in Canada related to health risks from tobacco products.
This settlement aims to resolve years of uncertainty and legal challenges that have loomed over Japan Tobacco’s global operations. On Monday, Japan Tobacco confirmed that its Canadian unit, along with the Canadian branches of Philip Morris and British American Tobacco, had jointly filed with an Ontario court on February 27. The filing supports their plans to settle all pending tobacco-related claims in Canada.
The move is expected to significantly reduce financial risks for Japan Tobacco and remove restrictions on spending imposed on its Canadian unit.
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