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BAT discloses $555 million in MSA dispute charges involving Reynolds, ITG

British American Tobacco Plc said Wednesday that it took a $554.8 million charge during fiscal 2020 related to an annual Master Settlement Agreement-type payments dispute.
In June 2015, BAT subsidiary R.J. Reynolds Tobacco Co. sold traditional cigarette brands Kool, Maverick, Salem and Winston for $7.1 billion to U.K.-based Imperial Brands Plc. The brands were transferred to Imperial's U.S. subsidiary ITG Brands LLC of Greensboro.
The four brands combined represent about 7.5% of the U.S. market share for traditional cigarettes.
Reynolds divested Kool, Salem and Winston, while Lorillard Inc. divested Maverick, in order for Reynolds to gain federal regulatory approval of its $29.25 billion purchase of Lorillard.

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Florida Supreme Court declines Reynolds appeal on MSA payment responsibility

The Florida Supreme Court has decided not to hear an appeal from R.J. Reynolds Tobacco Co. involving a legal dispute with ITG Brands LLC.
Reynolds said Tuesday it did not have a comment on the ruling.
In August, a three-judge District Court appeals court in Florida ruled that Reynolds is obligated to make annual payments on Kool, Maverick, Salem and Winston rather than ITG of Greensboro.
Tobacco manufacturers, including Reynolds and Philip Morris USA, agreed in 1998 to settle lawsuits that 46 state attorneys general, including North Carolina, brought over smoking-related health-care costs.
They agreed to pay those states at least a combined $246 billion over 20 years. MSA payments to some states are in perpetuity.

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