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Brooke Settles Another State Tobacco Case

March 28, 1998|Bloomberg News

Brooke Group Ltd.'s Liggett tobacco unit settled a lawsuit by Georgia that sought reimbursement of more than $1 million for treating sick smokers, bringing the company's total settlements with states to 41. Liggett agreed to pay Georgia $1 million over nine years, place up to 30% of its pretax income for the next 25 years into a settlement fund and testify on behalf of states suing other tobacco companies. The agreement is similar to one the company reached with 14 states two weeks ago. Liggett is seeking to have the proposed $368.5-billion national tobacco settlement reflect the financial terms of its agreements with the 41 states. The company wants Congress to give it at least partial exemption from the settlement because it fears the pact would bankrupt the company. Brooke Group shares rose $1.25 to close at $16.31 on NYSE.

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