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Article: Philip Morris USA Makes Master Settlement Agreement Payment of Approximately $4 Billion.
- Article from:
- Business Wire
- Article date:
- April 15, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RICHMOND, Va. -- Today, Philip Morris USA (PM USA) made its full annual Master Settlement Agreement (MSA) payment of approximately $4 billion. This amount includes approximately $156 million that PM USA disputes it owes as a result of the 2005 Non-Participating Manufacturer (NPM) Adjustment.
Since 1997, PM USA has paid more than $42 billion to the states (MSA and Previously Settled States combined).
As it did with respect to the 2003 and 2004 NPM Adjustments, PM USA elected to pay the disputed money to the states, although it had the right under the Master Settlement Agreement to put the disputed money into the Disputed Payments Account.
"We ...