British Columbia has officially started receiving the first installment of its substantial share in a multi-billion-dollar settlement following a nationwide lawsuit against major tobacco companies for the health impacts caused by their products.
According to a statement by Niki Sharma, the province has begun to collect the initial payment of $936 million as part of its total share exceeding $3.6 billion spread over 18 years. This settlement stems from a $32.5 billion agreement involving JTI-Macdonald Corp., Rothmans, Benson & Hedges, and Imperial Tobacco Canada Ltd., along with their creditors, following lengthy negotiations spanning more than five years.
Sharma emphasizes that while no amount of money can restore those lost to tobacco-related diseases or undo the devastation caused by addiction, the payment marks a positive development in the pursuit of justice for British Columbia’s residents.
The attorney general underscores the message sent by this settlement, indicating that the B.C. government is committed to holding multinational corporations accountable for engaging in harmful practices that inflict widespread damage and substantial costs on individuals.
Sharma has previously stated that the funds received by British Columbia will be channeled directly towards fortifying the healthcare system and alleviating government expenditures on caring for individuals afflicted by smoking-related conditions.