Tobacco settlement money
Tuesday, July 1st 2003, 12:00 am
By: News On 6
OKLAHOMA CITY (AP) _ A payment of more than $865,000 has been transferred to Oklahoma as part of a settlement with tobacco manufacturers, Attorney General Drew Edmondson said.
The state received a wire transfer of $865,730 Monday morning, Treasurer Robert Butkin said.
The agreement settles disputes between 52 jurisdictions and tobacco manufacturers over payments from the 1998 master settlement agreement (MSA), which is valued at $160 million, Edmondson said in a news release.
Most of the money came from Brown & Williamson, the nation's third-largest tobacco manufacturer.
Brown & Williamson failed to make payments to states for cigarettes it made for Star Tobacco Inc., Edmondson said. Vermont sued the company on behalf of the other states in December.
As part of the settlement, all major tobacco manufacturers agreed to take responsibility for cigarettes they manufacture for other companies.
Oklahoma has received nearly $304 million from the 1998 tobacco settlement. 55% of Monday's payment was deposited in the Tobacco Settlement Endowment Trust Fund.