JURIST - Paper Chase: Phillip Morris, EU agree to landmark $1.25 billion settlement

Cigarette manufacturer Phillip Morris agreed Friday to a $1.25 billion settlement with the EU stemming from a dispute over contraband cigarettes, making it the largest settlement of its kind in the EU. The agreement will be payed out over 12 years to the EU and the 10 countries participating in the litigation to fund attempts to fight cigarette smuggling in the EU. Lawsuits filed in the US charged Phillip Morris with aiding the practice by oversupplying countries with low cigarette taxes, from which the surplus would be smuggled into other countries. Both parties to the agreement have press releases available here (EU) and here (Phillip Morris). The Guardian has more.

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