“This settlement is nearly a quarter of a century old, but our office must carefully monitor and enforce the terms of the agreement each year so that Iowa gets its fair share of the settlement,” Miller said in a statement. Iowa will continue to receive annual billing payments based on the number of cigarettes sold in the US on an ongoing basis. Over the past 22 years, Iowa has received more than $ 1.36 billion in payments.
Around $ 11.6 million of this year’s payment – or 22 percent – will go to the state, according to the AG’s office. The remaining 78 percent will be used primarily to pay bondholders who have purchased bonds issued by the Tobacco Settlement Authority. The central purpose of the framework agreement was to reduce smoking, especially among young people.
Several other tobacco companies have since signed the agreement. Payment for 2020 came from 29 companies including Philip Morris USA, RJ Reynolds, Santa Fe Natural Tobacco, Vector and Commonwealth Brands. The settlement resulted in restrictions on the advertising, marketing and promotion of cigarettes, including a ban on targeting children through advertising.
In 1998, Miller and attorneys general from 45 states signed an agreement with the country’s four largest tobacco companies to settle lawsuits and reimburse billions in government health care costs associated with treating smoking-related diseases. State Treasurer Michael Fitzgerald announced Wednesday that Iowa had repaid its tobacco billing bonds this month, resulting in savings of more than $ 167 million for the state over the life of the bonds.
Source www.clintonherald.com It also includes bans on outdoor cigarette advertising and the promotion of cigarettes on public transport, as well as the use of cigarette brand names on goods and a number of other restrictions.
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