On March 8th, Philip Morris International (PMI) announced on March 7th local time that the court has approved a settlement plan for its Canadian affiliate RBH, which is no longer consolidated, in the bankruptcy protection proceedings. The approved plan will resolve all tobacco product related claims and lawsuits against RBH and its affiliates (including PMI) within Canada. The court also approved substantially similar plans for British American Tobacco Canada subsidiary (collectively referred to as ITL) and Japan Tobacco Canada subsidiary JTIM. Xiaocai Note: The Quebec High Court in Canada previously ruled in 2015 on two 17 year class action lawsuits against smokers, demanding compensation from the Canadian subsidiaries of these three companies for failing to adequately warn about the potential harm of smoking. After three companies appealed, the Quebec court in Canada upheld the original verdict in 2019, forcing the Canadian subsidiaries of the three companies to seek bankruptcy protection. From then on, these subsidiaries may engage in settlement negotiations during the mediation process.
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