(Reuters) – British American Tobacco (NYSE:) said on Friday a plan has been filed in a Canadian court to potentially resolve and settle its Canadian subsidiary’s tobacco litigation in the country, more than five years after the unit filed for bankruptcy protection.
BAT (LON:)’s unit Imperial Tobacco Canada (ITCAN) has been under a court supervised mediation process negotiating a possible settlement of all its outstanding tobacco litigation in Canada.
The unit had sought bankruptcy protection in 2019 shortly after a Quebec court upheld a 2015 decision that awarded smokers in the Canadian province around C$15 billion ($10.88 billion) in a blow to subsidiaries of BAT, Philip Morris International (NYSE:) and Japan Tobacco (OTC:) International.
BAT had said it would set aside 436 million pounds ($569.68 million) in 2019, after the Quebec court upheld its decision.
The court-appointed mediator’s and monitor’s plan of compromise and…
