24 Ekim 2007 Çarşamba
MISSISSIPPI SETTLEMENT MEMORANDUM
IN THE CHANCERY COURT OF JACKSON COUNTY, MISSISSIPPI
IN RE MIKE MOORE, ATTORNEY GENERAL ex rel,
STATE OF MISSISSIPPI TOBACCO LITIGATION CAUSE NO. 94-1429
IN THE CHANCERY COURT OF JACKSON COUNTY, MISSISSIPPI
IN RE MIKE MOORE, ATTORNEY GENERAL ex rel,
STATE OF MISSISSIPPI TOBACCO LITIGATION
CAUSE NO. 94-1429
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding ("MOU") is made as of July 2, 1997, by and among the undersigned counsel, on behalf of their respective clients, to set forth the principal terms and conditions of an agreement in principle among the parties hereto to settle and resolve with finality all present and future claims against all parties relating to the subject matter of this litigation which have been or could have been asserted by any of the parties hereto, including all claims on behalf of the State of Mississippi and all of its governmental agencies, departments, political subdivisions and any other state-controlled public entities (collectively "Mississippi" or "the State of Mississippi"). The parties contemplate the prompt drafting and execution of a comprehensive Settlement Agreement that will incorporate the terms of this MOU, as well as other customary terms and conditions, including releases, acceptable to the parties.
WHEREAS, the State of Mississippi, through its Attorney General Michael C. Moore, has instituted this action asserting various claims on behalf of the State of Mississippi against tobacco manufacturers and other defendants;
WHEREAS, the defendants have contested the claims in Mississippi's complaint;
WHEREAS, Attorney General Moore has had a leadership role among Attorneys General from various states in maintaining civil litigation against the tobacco industry and in seeking to forge an unprecedented national resolution of the principal issues and controversies associated with the manufacture, marketing and sale of tobacco products in the United States;
WHEREAS, through the efforts of Attorney General Moore and others a June 20, 1997 Memorandum of Understanding and attached Proposed Resolution ("Proposed Resolution") has been agreed to by members of the tobacco industry, state attorneys general, private litigants and representatives of public health groups which would provide for unprecedented and comprehensive regulation of the tobacco industry while preserving the right of individuals to assert claims for compensation;
WHEREAS, the Proposed Resolution contemplates action by the United States Congress and the President to enact and sign a new federal law with respect to the tobacco industry, which action the tobacco industry has agreed to support and which will require study and analysis by Congress and the President;
WHEREAS, trial is scheduled to commence on July 7, 1997 and a continuance of such trial could prejudice the State of Mississippi, the State of Mississippi and the undersigned defendants have agreed to settle independently the litigation commenced by Attorney General Moore pursuant to financial terms comparable to the Proposed Resolution, which terms will achieve for Mississippi immediately the financial benefits it would receive pursuant to the national Proposed Resolution, should it become law;
NOW THEREFORE, it is hereby agreed as follows:
This MOU will be presented to the Chancery Court of Jackson County (the "Court") promptly upon its execution, and the parties agree jointly to petition the Court to adjourn all further proceedings in contemplation of their final resolution and termination pursuant to this MOU and the Settlement Agreement contemplated hereby.
The Settlement Agreement shall contain among other things, the following terms to which the parties hereby agree:
1. On or before July 15, 1997 the undersigned defendants (the "Settling Defendants") shall cause to be paid into a special account (the "Account"), for the benefit of the State of Mississippi, to be held in escrow pending effectuation of the Settlement Agreement, the sum of $170 million; that
being plaintiff's good faith estimate of the portion Mississippi would receive of the $10 billion payment provided for in Paragraph A on page 34 of the June 20, 1997 Memorandum of Understanding and attached Proposed Resolution.
2. On or before July 30, 1997, the Settling Defendants shall cause to be paid to the Attorney General $2.5 million for the best estimate of costs and expenses attributable to his office and other appropriate state agencies in connection with this litigation; and on or before July 30, 1997, the Settling Defendants shall further cause to be paid $12.5 million to the plaintiffs' private counsel for their best estimate of their costs and expenses. The combined costs to be paid on July 30, 1997, may not exceed 15 million dollars. Thereafter the Attorney General's office, the appropriate state agencies and the plaintiffs' private counsel shall provide the Settling Defendants with an appropriately documented statement of their costs and expenses. The Settling Defendants shall promptly pay the amount of such costs and expenses in excess of the above $15 million, or shall receive a refund or a credit against other payments due hereunder if the total of such costs and expenses shall be less than $15 million. Any dispute as to the nature or amount of reimbursable costs and expenses shall be decided with finality by the persons selected to award fees pursuant to paragraph 8 below.
3. Commencing within ten (10) business days after December 31, 1998, and annually thereafter, the Settling Defendants shall cause to be paid to the Account 1.7% of the following amounts (in billions):
Year
1
2
3
4
5
6
thereafter
Amount
$4B
$4.5B
$5B
$6.5B
$6.5B
$8B
$8B
The above payments shall be adjusted upward by the greater of 3% or the Consumer Price Index applied each year on the previous year, beginning with the first annual payment. The above payments will also be decreased or increased, as the case may be, in accordance with decreases or increases in volume of domestic tobacco product volume sales as provided in Paragraph B.5 on pages 34-35 of the June 20, 1997 Proposed Resolution.
4. In recognition of the ongoing payments called for in paragraph 3 above, the Settlement Agreement will provide for the resolution of all past and future claims of the type described above against all defendants. The defendants will be released from all such claims by the State of Mississippi.
5. In the event that the Proposed Resolution is enacted as federal legislation, or if any substantially equivalent federal program is enacted, the settlement provided herein and in the Settlement Agreement shall remain in place, but the terms of such Proposed Resolution or federal program shall supersede the provisions of this MOU and Settlement Agreement. In order to provide the Settling Defendants with a full credit for all payments made hereunder pursuant to paragraphs I and 3 of this MOU in the event of the enactment of the Proposed Resolution or substantially equivalent federal program, and to the extent that the payments made to the Account pursuant to paragraphs 1 and 3 of this MOU shall differ from the amounts to be received by Mississippi pursuant to such Proposed Resolution or substantially equivalent federal program, adjustments shall be made in the form of a credit to the future payments by the Settling Defendants, a refund by the State of Mississippi, or other means that will ensure that the principal amount of payments received by Mississippi will be the same as the amounts they would receive pursuant to the Proposed Resolution or substantially equivalent federal program.
6. In the absence of the enactment of the Proposed Resolution or any substantially equivalent federal program, and in the event of multiple settlements by the Settling Defendants with various non-federal governmental plaintiffs in other similar litigation, it is agreed that the aggregate percentage applicable to the various non-federal governmental plaintiffs will not exceed 100%, and the sum of the initial payments will not exceed $10 billion. In order to ensure this result it is agreed that all such percentages (including the 1.7% applied in paragraph 1 and specified in paragraph 3) will be adjusted downward (by the same relative percentage) to achieve a total aggregate percentage of 100%.
7. The Settling Defendants agree that if they enter into any settlement agreement of other similar non-federal governmental litigation on terms more favorable to such governmental plaintiff then the terms of this MOU and the Settlement Agreement (after due consideration of relevant differences in population or other appropriate factors), the terms of this Settlement will be revised so that Mississippi will enjoy treatment at least as relatively favorable as any such other non-federal governmental entity.
8. The Settling Defendants agree to pay, separately and apart from the above, reasonable attorneys' fees. If the Proposed Resolution or substantially equivalent federal program is enacted, the amount of such fees will be set by a panel of independent arbitrators with finality, subject to an appropriate annual cap on all such payments and other conditions. In the absence of any such Proposed Resolution or substantially equivalent federal program, attorneys' fees in connection with this litigation will be awarded in the same manner (subject to an appropriate annual cap and other conditions) by three independent arbitrators selected by the parties hereto. In the event of the enactment of the Proposed Resolution or other substantially equivalent federal program, the parties contemplate that the State of Mississippi and any other similar state which has made an exceptional contribution to secure the resolution of these matters may apply to the panel of independent arbitrators for reasonable compensation for its efforts in securing the Proposed Resolution, subject to an appropriate separate annual cap on all such payments.
July 2, 1997
Washington, D.C.
STATE OF MISSISSIPPI
/s/Michael C. Moore, Attorney General
PHILIP MORRIS INCORPORATED
/s/By: Meyer G. Koplow
R.J. REYNOLDS TOBACCO COMPANY
/s/By: D. Scott Wise
BROWN & WILLIAMSON TOBACCO CORPORATION
/s/By: D. Scott Wise
LORILLARD TOBACCO COMPANY
/s/By: Meyer G. Koplow
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding ("MOU") is made as of July 2, 1997, by and among the undersigned counsel, on behalf of their respective clients, to set forth the principal terms and conditions of an agreement in principle among the parties hereto to settle and resolve with finality all present and future claims against all parties relating to the subject matter of this litigation which have been or could have been asserted by any of the parties hereto, including all claims on behalf of the State of Mississippi and all of its governmental agencies, departments, political subdivisions and any other state-controlled public entities (collectively "Mississippi" or "the State of Mississippi"). The parties contemplate the prompt drafting and execution of a comprehensive Settlement Agreement that will incorporate the terms of this MOU, as well as other customary terms and conditions, including releases, acceptable to the parties.
WHEREAS, the State of Mississippi, through its Attorney General Michael C. Moore, has instituted this action asserting various claims on behalf of the State of Mississippi against tobacco manufacturers and other defendants;
WHEREAS, the defendants have contested the claims in Mississippi's complaint;
WHEREAS, Attorney General Moore has had a leadership role among Attorneys General from various states in maintaining civil litigation against the tobacco industry and in seeking to forge an unprecedented national resolution of the principal issues and controversies associated with the manufacture, marketing and sale of tobacco products in the United States;
WHEREAS, through the efforts of Attorney General Moore and others a June 20, 1997 Memorandum of Understanding and attached Proposed Resolution ("Proposed Resolution") has been agreed to by members of the tobacco industry, state attorneys general, private litigants and representatives of public health groups which would provide for unprecedented and comprehensive regulation of the tobacco industry while preserving the right of individuals to assert claims for compensation;
WHEREAS, the Proposed Resolution contemplates action by the United States Congress and the President to enact and sign a new federal law with respect to the tobacco industry, which action the tobacco industry has agreed to support and which will require study and analysis by Congress and the President;
WHEREAS, trial is scheduled to commence on July 7, 1997 and a continuance of such trial could prejudice the State of Mississippi, the State of Mississippi and the undersigned defendants have agreed to settle independently the litigation commenced by Attorney General Moore pursuant to financial terms comparable to the Proposed Resolution, which terms will achieve for Mississippi immediately the financial benefits it would receive pursuant to the national Proposed Resolution, should it become law;
NOW THEREFORE, it is hereby agreed as follows:
This MOU will be presented to the Chancery Court of Jackson County (the "Court") promptly upon its execution, and the parties agree jointly to petition the Court to adjourn all further proceedings in contemplation of their final resolution and termination pursuant to this MOU and the Settlement Agreement contemplated hereby.
The Settlement Agreement shall contain among other things, the following terms to which the parties hereby agree:
1. On or before July 15, 1997 the undersigned defendants (the "Settling Defendants") shall cause to be paid into a special account (the "Account"), for the benefit of the State of Mississippi, to be held in escrow pending effectuation of the Settlement Agreement, the sum of $170 million; that
being plaintiff's good faith estimate of the portion Mississippi would receive of the $10 billion payment provided for in Paragraph A on page 34 of the June 20, 1997 Memorandum of Understanding and attached Proposed Resolution.
2. On or before July 30, 1997, the Settling Defendants shall cause to be paid to the Attorney General $2.5 million for the best estimate of costs and expenses attributable to his office and other appropriate state agencies in connection with this litigation; and on or before July 30, 1997, the Settling Defendants shall further cause to be paid $12.5 million to the plaintiffs' private counsel for their best estimate of their costs and expenses. The combined costs to be paid on July 30, 1997, may not exceed 15 million dollars. Thereafter the Attorney General's office, the appropriate state agencies and the plaintiffs' private counsel shall provide the Settling Defendants with an appropriately documented statement of their costs and expenses. The Settling Defendants shall promptly pay the amount of such costs and expenses in excess of the above $15 million, or shall receive a refund or a credit against other payments due hereunder if the total of such costs and expenses shall be less than $15 million. Any dispute as to the nature or amount of reimbursable costs and expenses shall be decided with finality by the persons selected to award fees pursuant to paragraph 8 below.
3. Commencing within ten (10) business days after December 31, 1998, and annually thereafter, the Settling Defendants shall cause to be paid to the Account 1.7% of the following amounts (in billions):
Year 1 2 3 4 5 6 thereafter
Amount $4B $4.5B $5B $6.5B $6.5B $8B $8B
The above payments shall be adjusted upward by the greater of 3% or the Consumer Price Index applied each year on the previous year, beginning with the first annual payment. The above payments will also be decreased or increased, as the case may be, in accordance with decreases or increases in volume of domestic tobacco product volume sales as provided in Paragraph B.5 on pages 34-35 of the June 20, 1997 Proposed Resolution.
4. In recognition of the ongoing payments called for in paragraph 3 above, the Settlement Agreement will provide for the resolution of all past and future claims of the type described above against all defendants. The defendants will be released from all such claims by the State of Mississippi.
5. In the event that the Proposed Resolution is enacted as federal legislation, or if any substantially equivalent federal program is enacted, the settlement provided herein and in the Settlement Agreement shall remain in place, but the terms of such Proposed Resolution or federal program shall supersede the provisions of this MOU and Settlement Agreement. In order to provide the Settling Defendants with a full credit for all payments made hereunder pursuant to paragraphs I and 3 of this MOU in the event of the enactment of the Proposed Resolution or substantially equivalent federal program, and to the extent that the payments made to the Account pursuant to paragraphs 1 and 3 of this MOU shall differ from the amounts to be received by Mississippi pursuant to such Proposed Resolution or substantially equivalent federal program, adjustments shall be made in the form of a credit to the future payments by the Settling Defendants, a refund by the State of Mississippi, or other means that will ensure that the principal amount of payments received by Mississippi will be the same as the amounts they would receive pursuant to the Proposed Resolution or substantially equivalent federal program.
6. In the absence of the enactment of the Proposed Resolution or any substantially equivalent federal program, and in the event of multiple settlements by the Settling Defendants with various non-federal governmental plaintiffs in other similar litigation, it is agreed that the aggregate percentage applicable to the various non-federal governmental plaintiffs will not exceed 100%, and the sum of the initial payments will not exceed $10 billion. In order to ensure this result it is agreed that all such percentages (including the 1.7% applied in paragraph 1 and specified in paragraph 3) will be adjusted downward (by the same relative percentage) to achieve a total aggregate percentage of 100%.
7. The Settling Defendants agree that if they enter into any settlement agreement of other similar non-federal governmental litigation on terms more favorable to such governmental plaintiff then the terms of this MOU and the Settlement Agreement (after due consideration of relevant differences in population or other appropriate factors), the terms of this Settlement will be revised so that Mississippi will enjoy treatment at least as relatively favorable as any such other non-federal governmental entity.
8. The Settling Defendants agree to pay, separately and apart from the above, reasonable attorneys' fees. If the Proposed Resolution or substantially equivalent federal program is enacted, the amount of such fees will be set by a panel of independent arbitrators with finality, subject to an appropriate annual cap on all such payments and other conditions. In the absence of any such Proposed Resolution or substantially equivalent federal program, attorneys' fees in connection with this litigation will be awarded in the same manner (subject to an appropriate annual cap and other conditions) by three independent arbitrators selected by the parties hereto. In the event of the enactment of the Proposed Resolution or other substantially equivalent federal program, the parties contemplate that the State of Mississippi and any other similar state which has made an exceptional contribution to secure the resolution of these matters may apply to the panel of independent arbitrators for reasonable compensation for its efforts in securing the Proposed Resolution, subject to an appropriate separate annual cap on all such payments.
July 2, 1997
Washington, D.C.
STATE OF MISSISSIPPI
/s/Michael C. Moore, Attorney General
PHILIP MORRIS INCORPORATED
/s/By: Meyer G. Koplow
R.J. REYNOLDS TOBACCO COMPANY
/s/By: D. Scott Wise
BROWN & WILLIAMSON TOBACCO CORPORATION
/s/By: D. Scott Wise
LORILLARD TOBACCO COMPANY
/s/By: Meyer G. Koplow
Anahtar kelimeler
microsoft settlement
class action mississippi
microsoft antitrust settlement
microsoft california settlement
microsoft class action
microsoft class action suit
microsoft wisconsin class action
microsoft wisconsin settlement
mississippi settlement
mississippi settlements
mississippi tobacco settlement
ms settlement
ms class action
Anahtar kelimeler
debt settlement
river mississippi
asbestos settlement
bankruptcy settlement
california settlement
claim settlement
divorce settlement
illinois settlement
insurance settlement
lawyer settlement
map settlement
mississippi attorneys
mississippi bankruptcy
mississippi basin
mississippi corp
mississippi corporation
mississippi court
mississippi divorce
mississippi insurance
mississippi law
mississippi laws
mississippi lawyer
mississippi lawyers
mississippi map
mississippi maps
mississippi missouri
mississippi rivers
mississippi trial
mississippi v
ms mississippi
securities settlement
settlement attorney
settlement cases
settlement claims
settlement court
settlement law
settlement lawsuit
settlement litigation
against settlement
civil settlement
classaction settlement
complaint settlement
consumer settlement
discrimination settlement
employee settlement
law firm settlement
law suit settlement
lawsuite settlement
lawsuits settlement
lawyers settlement
masonite settlement
mdl settlement
merck settlement
mississippi asbestos
mississippi california
mississippi cases
mississippi compensation
mississippi complaint
mississippi debt
mississippi discrimination
mississippi fraud
mississippi illinois
mississippi law firm
mississippi lawsuits
mississippi litigation
mississippi overtime
mississippi re
mississippi securities
mississippi suite
mississippi watershed
missouri settlement
neurontin settlement
ohio settlement
paypal settlement
pending settlement
product liability settlement
rivers settlement
securities litigation settlement
settlement corp
settlement fraud
settlement judge
settlement laws
siding settlement
vioxx settlement
worldcom settlement
mississippi settled
Anahtar kelimeler
class action sex
sex discrimination class action
sex discrimination settlement
sex settlement
bill o reilly sex scandal settlement
o reilly sex scandal settlement
Anahtar kelimeler
debt settlement
card debt settlement
consolidation debt settlement
credit card debt negotiation
credit card debt settlement
credit debt settlement
debt negotiation
debt settlement blog
debt settlement companies
debt settlement company
debt settlement help
debt settlement letter
debt settlement negotiation
debt settlement program
debt settlement services
debt settlement texas
irs debt settlement
settlement of debt
tax debt settlement
able debt settlement
about debt settlement
american debt settlement
bad debt settlement
best debt negotiation
best debt settlement
best debt settlement companies
best debt settlement company
book debt settlement
business debt negotiation
business debt settlement
christian debt settlement
commercial debt negotiation
cons of debt settlement
consumer debt settlement
debt collection negotiation
debt collection settlement
debt fast settlement
debt negotiation and arbitration
debt negotiation and debt settlement
debt negotiation and settlement
debt negotiation attorney
debt negotiation attorneys
debt negotiation companies
debt negotiation company
debt negotiation firm
debt negotiation lawyer
debt negotiation letter
debt negotiation letters
debt negotiation programs
debt negotiation service
debt negotiation services
debt negotiation truth
debt negotiations
debt reduction negotiation
debt settlement advice
debt settlement agencies
debt settlement agency
debt settlement agreement
debt settlement and credit
debt settlement associates
debt settlement association
debt settlement attorney
debt settlement attorneys
debt settlement bankruptcy
debt settlement calculator
debt settlement california
debt settlement canada
debt settlement com
debt settlement credit report
debt settlement credit score
debt settlement dallas
debt settlement faq
debt settlement firm
debt settlement florida
debt settlement form
debt settlement forum
debt settlement georgia
debt settlement group
debt settlement houston
debt settlement industry
debt settlement information
debt settlement law
debt settlement laws
debt settlement lawyer
debt settlement lawyers
debt settlement leads
debt settlement letters
debt settlement loan
debt settlement loans
debt settlement of america
debt settlement offer
debt settlement offer letter
debt settlement offers
debt settlement ohio
debt settlement options
debt settlement programs
debt settlement pros and cons
debt settlement questions
debt settlement reduction
debt settlement reviews
debt settlement scam
debt settlement scams
debt settlement service
debt settlement software
debt settlement solution
debt settlement solutions
debt settlement strategies
debt settlement strategy
debt settlement tips
debt settlement usa
debt settlement vs bankruptcy
debt settlement vs debt consolidation
do it yourself debt negotiation
do it yourself debt settlement
does debt settlement work
dts debt settlement
irs tax debt settlement
irs tax debt settlement help
low debt settlement
mortgage debt settlement
negotiate debt settlement
negotiating debt settlement
non profit debt settlement
online debt settlement
reliable debt settlement
reliable debt settlement companies
sample debt settlement
sample debt settlement letter
sample debt settlement letters
student loan debt settlement
tax debt settlement help
truth about debt settlement
unsecured debt settlement
us debt settlement
what is debt settlement
attorney debt negotiation solutions
debt by debt settlement
debt by debt settlement services
debt negotiation scams
debt settlement fees
debt settlement fraud
debt settlement in georgia
debt settlement resources
direct debt settlement
dts financial debt settlement
dts financial debt settlement services
florida debt negotiation attorney
fort lauderdale debt negotiation attorney
settlement of a debt
us consumer debt settlement program
IN RE MIKE MOORE, ATTORNEY GENERAL ex rel,
STATE OF MISSISSIPPI TOBACCO LITIGATION CAUSE NO. 94-1429
IN THE CHANCERY COURT OF JACKSON COUNTY, MISSISSIPPI
IN RE MIKE MOORE, ATTORNEY GENERAL ex rel,
STATE OF MISSISSIPPI TOBACCO LITIGATION
CAUSE NO. 94-1429
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding ("MOU") is made as of July 2, 1997, by and among the undersigned counsel, on behalf of their respective clients, to set forth the principal terms and conditions of an agreement in principle among the parties hereto to settle and resolve with finality all present and future claims against all parties relating to the subject matter of this litigation which have been or could have been asserted by any of the parties hereto, including all claims on behalf of the State of Mississippi and all of its governmental agencies, departments, political subdivisions and any other state-controlled public entities (collectively "Mississippi" or "the State of Mississippi"). The parties contemplate the prompt drafting and execution of a comprehensive Settlement Agreement that will incorporate the terms of this MOU, as well as other customary terms and conditions, including releases, acceptable to the parties.
WHEREAS, the State of Mississippi, through its Attorney General Michael C. Moore, has instituted this action asserting various claims on behalf of the State of Mississippi against tobacco manufacturers and other defendants;
WHEREAS, the defendants have contested the claims in Mississippi's complaint;
WHEREAS, Attorney General Moore has had a leadership role among Attorneys General from various states in maintaining civil litigation against the tobacco industry and in seeking to forge an unprecedented national resolution of the principal issues and controversies associated with the manufacture, marketing and sale of tobacco products in the United States;
WHEREAS, through the efforts of Attorney General Moore and others a June 20, 1997 Memorandum of Understanding and attached Proposed Resolution ("Proposed Resolution") has been agreed to by members of the tobacco industry, state attorneys general, private litigants and representatives of public health groups which would provide for unprecedented and comprehensive regulation of the tobacco industry while preserving the right of individuals to assert claims for compensation;
WHEREAS, the Proposed Resolution contemplates action by the United States Congress and the President to enact and sign a new federal law with respect to the tobacco industry, which action the tobacco industry has agreed to support and which will require study and analysis by Congress and the President;
WHEREAS, trial is scheduled to commence on July 7, 1997 and a continuance of such trial could prejudice the State of Mississippi, the State of Mississippi and the undersigned defendants have agreed to settle independently the litigation commenced by Attorney General Moore pursuant to financial terms comparable to the Proposed Resolution, which terms will achieve for Mississippi immediately the financial benefits it would receive pursuant to the national Proposed Resolution, should it become law;
NOW THEREFORE, it is hereby agreed as follows:
This MOU will be presented to the Chancery Court of Jackson County (the "Court") promptly upon its execution, and the parties agree jointly to petition the Court to adjourn all further proceedings in contemplation of their final resolution and termination pursuant to this MOU and the Settlement Agreement contemplated hereby.
The Settlement Agreement shall contain among other things, the following terms to which the parties hereby agree:
1. On or before July 15, 1997 the undersigned defendants (the "Settling Defendants") shall cause to be paid into a special account (the "Account"), for the benefit of the State of Mississippi, to be held in escrow pending effectuation of the Settlement Agreement, the sum of $170 million; that
being plaintiff's good faith estimate of the portion Mississippi would receive of the $10 billion payment provided for in Paragraph A on page 34 of the June 20, 1997 Memorandum of Understanding and attached Proposed Resolution.
2. On or before July 30, 1997, the Settling Defendants shall cause to be paid to the Attorney General $2.5 million for the best estimate of costs and expenses attributable to his office and other appropriate state agencies in connection with this litigation; and on or before July 30, 1997, the Settling Defendants shall further cause to be paid $12.5 million to the plaintiffs' private counsel for their best estimate of their costs and expenses. The combined costs to be paid on July 30, 1997, may not exceed 15 million dollars. Thereafter the Attorney General's office, the appropriate state agencies and the plaintiffs' private counsel shall provide the Settling Defendants with an appropriately documented statement of their costs and expenses. The Settling Defendants shall promptly pay the amount of such costs and expenses in excess of the above $15 million, or shall receive a refund or a credit against other payments due hereunder if the total of such costs and expenses shall be less than $15 million. Any dispute as to the nature or amount of reimbursable costs and expenses shall be decided with finality by the persons selected to award fees pursuant to paragraph 8 below.
3. Commencing within ten (10) business days after December 31, 1998, and annually thereafter, the Settling Defendants shall cause to be paid to the Account 1.7% of the following amounts (in billions):
Year
1
2
3
4
5
6
thereafter
Amount
$4B
$4.5B
$5B
$6.5B
$6.5B
$8B
$8B
The above payments shall be adjusted upward by the greater of 3% or the Consumer Price Index applied each year on the previous year, beginning with the first annual payment. The above payments will also be decreased or increased, as the case may be, in accordance with decreases or increases in volume of domestic tobacco product volume sales as provided in Paragraph B.5 on pages 34-35 of the June 20, 1997 Proposed Resolution.
4. In recognition of the ongoing payments called for in paragraph 3 above, the Settlement Agreement will provide for the resolution of all past and future claims of the type described above against all defendants. The defendants will be released from all such claims by the State of Mississippi.
5. In the event that the Proposed Resolution is enacted as federal legislation, or if any substantially equivalent federal program is enacted, the settlement provided herein and in the Settlement Agreement shall remain in place, but the terms of such Proposed Resolution or federal program shall supersede the provisions of this MOU and Settlement Agreement. In order to provide the Settling Defendants with a full credit for all payments made hereunder pursuant to paragraphs I and 3 of this MOU in the event of the enactment of the Proposed Resolution or substantially equivalent federal program, and to the extent that the payments made to the Account pursuant to paragraphs 1 and 3 of this MOU shall differ from the amounts to be received by Mississippi pursuant to such Proposed Resolution or substantially equivalent federal program, adjustments shall be made in the form of a credit to the future payments by the Settling Defendants, a refund by the State of Mississippi, or other means that will ensure that the principal amount of payments received by Mississippi will be the same as the amounts they would receive pursuant to the Proposed Resolution or substantially equivalent federal program.
6. In the absence of the enactment of the Proposed Resolution or any substantially equivalent federal program, and in the event of multiple settlements by the Settling Defendants with various non-federal governmental plaintiffs in other similar litigation, it is agreed that the aggregate percentage applicable to the various non-federal governmental plaintiffs will not exceed 100%, and the sum of the initial payments will not exceed $10 billion. In order to ensure this result it is agreed that all such percentages (including the 1.7% applied in paragraph 1 and specified in paragraph 3) will be adjusted downward (by the same relative percentage) to achieve a total aggregate percentage of 100%.
7. The Settling Defendants agree that if they enter into any settlement agreement of other similar non-federal governmental litigation on terms more favorable to such governmental plaintiff then the terms of this MOU and the Settlement Agreement (after due consideration of relevant differences in population or other appropriate factors), the terms of this Settlement will be revised so that Mississippi will enjoy treatment at least as relatively favorable as any such other non-federal governmental entity.
8. The Settling Defendants agree to pay, separately and apart from the above, reasonable attorneys' fees. If the Proposed Resolution or substantially equivalent federal program is enacted, the amount of such fees will be set by a panel of independent arbitrators with finality, subject to an appropriate annual cap on all such payments and other conditions. In the absence of any such Proposed Resolution or substantially equivalent federal program, attorneys' fees in connection with this litigation will be awarded in the same manner (subject to an appropriate annual cap and other conditions) by three independent arbitrators selected by the parties hereto. In the event of the enactment of the Proposed Resolution or other substantially equivalent federal program, the parties contemplate that the State of Mississippi and any other similar state which has made an exceptional contribution to secure the resolution of these matters may apply to the panel of independent arbitrators for reasonable compensation for its efforts in securing the Proposed Resolution, subject to an appropriate separate annual cap on all such payments.
July 2, 1997
Washington, D.C.
STATE OF MISSISSIPPI
/s/Michael C. Moore, Attorney General
PHILIP MORRIS INCORPORATED
/s/By: Meyer G. Koplow
R.J. REYNOLDS TOBACCO COMPANY
/s/By: D. Scott Wise
BROWN & WILLIAMSON TOBACCO CORPORATION
/s/By: D. Scott Wise
LORILLARD TOBACCO COMPANY
/s/By: Meyer G. Koplow
MEMORANDUM OF UNDERSTANDING
This Memorandum of Understanding ("MOU") is made as of July 2, 1997, by and among the undersigned counsel, on behalf of their respective clients, to set forth the principal terms and conditions of an agreement in principle among the parties hereto to settle and resolve with finality all present and future claims against all parties relating to the subject matter of this litigation which have been or could have been asserted by any of the parties hereto, including all claims on behalf of the State of Mississippi and all of its governmental agencies, departments, political subdivisions and any other state-controlled public entities (collectively "Mississippi" or "the State of Mississippi"). The parties contemplate the prompt drafting and execution of a comprehensive Settlement Agreement that will incorporate the terms of this MOU, as well as other customary terms and conditions, including releases, acceptable to the parties.
WHEREAS, the State of Mississippi, through its Attorney General Michael C. Moore, has instituted this action asserting various claims on behalf of the State of Mississippi against tobacco manufacturers and other defendants;
WHEREAS, the defendants have contested the claims in Mississippi's complaint;
WHEREAS, Attorney General Moore has had a leadership role among Attorneys General from various states in maintaining civil litigation against the tobacco industry and in seeking to forge an unprecedented national resolution of the principal issues and controversies associated with the manufacture, marketing and sale of tobacco products in the United States;
WHEREAS, through the efforts of Attorney General Moore and others a June 20, 1997 Memorandum of Understanding and attached Proposed Resolution ("Proposed Resolution") has been agreed to by members of the tobacco industry, state attorneys general, private litigants and representatives of public health groups which would provide for unprecedented and comprehensive regulation of the tobacco industry while preserving the right of individuals to assert claims for compensation;
WHEREAS, the Proposed Resolution contemplates action by the United States Congress and the President to enact and sign a new federal law with respect to the tobacco industry, which action the tobacco industry has agreed to support and which will require study and analysis by Congress and the President;
WHEREAS, trial is scheduled to commence on July 7, 1997 and a continuance of such trial could prejudice the State of Mississippi, the State of Mississippi and the undersigned defendants have agreed to settle independently the litigation commenced by Attorney General Moore pursuant to financial terms comparable to the Proposed Resolution, which terms will achieve for Mississippi immediately the financial benefits it would receive pursuant to the national Proposed Resolution, should it become law;
NOW THEREFORE, it is hereby agreed as follows:
This MOU will be presented to the Chancery Court of Jackson County (the "Court") promptly upon its execution, and the parties agree jointly to petition the Court to adjourn all further proceedings in contemplation of their final resolution and termination pursuant to this MOU and the Settlement Agreement contemplated hereby.
The Settlement Agreement shall contain among other things, the following terms to which the parties hereby agree:
1. On or before July 15, 1997 the undersigned defendants (the "Settling Defendants") shall cause to be paid into a special account (the "Account"), for the benefit of the State of Mississippi, to be held in escrow pending effectuation of the Settlement Agreement, the sum of $170 million; that
being plaintiff's good faith estimate of the portion Mississippi would receive of the $10 billion payment provided for in Paragraph A on page 34 of the June 20, 1997 Memorandum of Understanding and attached Proposed Resolution.
2. On or before July 30, 1997, the Settling Defendants shall cause to be paid to the Attorney General $2.5 million for the best estimate of costs and expenses attributable to his office and other appropriate state agencies in connection with this litigation; and on or before July 30, 1997, the Settling Defendants shall further cause to be paid $12.5 million to the plaintiffs' private counsel for their best estimate of their costs and expenses. The combined costs to be paid on July 30, 1997, may not exceed 15 million dollars. Thereafter the Attorney General's office, the appropriate state agencies and the plaintiffs' private counsel shall provide the Settling Defendants with an appropriately documented statement of their costs and expenses. The Settling Defendants shall promptly pay the amount of such costs and expenses in excess of the above $15 million, or shall receive a refund or a credit against other payments due hereunder if the total of such costs and expenses shall be less than $15 million. Any dispute as to the nature or amount of reimbursable costs and expenses shall be decided with finality by the persons selected to award fees pursuant to paragraph 8 below.
3. Commencing within ten (10) business days after December 31, 1998, and annually thereafter, the Settling Defendants shall cause to be paid to the Account 1.7% of the following amounts (in billions):
Year 1 2 3 4 5 6 thereafter
Amount $4B $4.5B $5B $6.5B $6.5B $8B $8B
The above payments shall be adjusted upward by the greater of 3% or the Consumer Price Index applied each year on the previous year, beginning with the first annual payment. The above payments will also be decreased or increased, as the case may be, in accordance with decreases or increases in volume of domestic tobacco product volume sales as provided in Paragraph B.5 on pages 34-35 of the June 20, 1997 Proposed Resolution.
4. In recognition of the ongoing payments called for in paragraph 3 above, the Settlement Agreement will provide for the resolution of all past and future claims of the type described above against all defendants. The defendants will be released from all such claims by the State of Mississippi.
5. In the event that the Proposed Resolution is enacted as federal legislation, or if any substantially equivalent federal program is enacted, the settlement provided herein and in the Settlement Agreement shall remain in place, but the terms of such Proposed Resolution or federal program shall supersede the provisions of this MOU and Settlement Agreement. In order to provide the Settling Defendants with a full credit for all payments made hereunder pursuant to paragraphs I and 3 of this MOU in the event of the enactment of the Proposed Resolution or substantially equivalent federal program, and to the extent that the payments made to the Account pursuant to paragraphs 1 and 3 of this MOU shall differ from the amounts to be received by Mississippi pursuant to such Proposed Resolution or substantially equivalent federal program, adjustments shall be made in the form of a credit to the future payments by the Settling Defendants, a refund by the State of Mississippi, or other means that will ensure that the principal amount of payments received by Mississippi will be the same as the amounts they would receive pursuant to the Proposed Resolution or substantially equivalent federal program.
6. In the absence of the enactment of the Proposed Resolution or any substantially equivalent federal program, and in the event of multiple settlements by the Settling Defendants with various non-federal governmental plaintiffs in other similar litigation, it is agreed that the aggregate percentage applicable to the various non-federal governmental plaintiffs will not exceed 100%, and the sum of the initial payments will not exceed $10 billion. In order to ensure this result it is agreed that all such percentages (including the 1.7% applied in paragraph 1 and specified in paragraph 3) will be adjusted downward (by the same relative percentage) to achieve a total aggregate percentage of 100%.
7. The Settling Defendants agree that if they enter into any settlement agreement of other similar non-federal governmental litigation on terms more favorable to such governmental plaintiff then the terms of this MOU and the Settlement Agreement (after due consideration of relevant differences in population or other appropriate factors), the terms of this Settlement will be revised so that Mississippi will enjoy treatment at least as relatively favorable as any such other non-federal governmental entity.
8. The Settling Defendants agree to pay, separately and apart from the above, reasonable attorneys' fees. If the Proposed Resolution or substantially equivalent federal program is enacted, the amount of such fees will be set by a panel of independent arbitrators with finality, subject to an appropriate annual cap on all such payments and other conditions. In the absence of any such Proposed Resolution or substantially equivalent federal program, attorneys' fees in connection with this litigation will be awarded in the same manner (subject to an appropriate annual cap and other conditions) by three independent arbitrators selected by the parties hereto. In the event of the enactment of the Proposed Resolution or other substantially equivalent federal program, the parties contemplate that the State of Mississippi and any other similar state which has made an exceptional contribution to secure the resolution of these matters may apply to the panel of independent arbitrators for reasonable compensation for its efforts in securing the Proposed Resolution, subject to an appropriate separate annual cap on all such payments.
July 2, 1997
Washington, D.C.
STATE OF MISSISSIPPI
/s/Michael C. Moore, Attorney General
PHILIP MORRIS INCORPORATED
/s/By: Meyer G. Koplow
R.J. REYNOLDS TOBACCO COMPANY
/s/By: D. Scott Wise
BROWN & WILLIAMSON TOBACCO CORPORATION
/s/By: D. Scott Wise
LORILLARD TOBACCO COMPANY
/s/By: Meyer G. Koplow
Anahtar kelimeler
microsoft settlement
class action mississippi
microsoft antitrust settlement
microsoft california settlement
microsoft class action
microsoft class action suit
microsoft wisconsin class action
microsoft wisconsin settlement
mississippi settlement
mississippi settlements
mississippi tobacco settlement
ms settlement
ms class action
Anahtar kelimeler
debt settlement
river mississippi
asbestos settlement
bankruptcy settlement
california settlement
claim settlement
divorce settlement
illinois settlement
insurance settlement
lawyer settlement
map settlement
mississippi attorneys
mississippi bankruptcy
mississippi basin
mississippi corp
mississippi corporation
mississippi court
mississippi divorce
mississippi insurance
mississippi law
mississippi laws
mississippi lawyer
mississippi lawyers
mississippi map
mississippi maps
mississippi missouri
mississippi rivers
mississippi trial
mississippi v
ms mississippi
securities settlement
settlement attorney
settlement cases
settlement claims
settlement court
settlement law
settlement lawsuit
settlement litigation
against settlement
civil settlement
classaction settlement
complaint settlement
consumer settlement
discrimination settlement
employee settlement
law firm settlement
law suit settlement
lawsuite settlement
lawsuits settlement
lawyers settlement
masonite settlement
mdl settlement
merck settlement
mississippi asbestos
mississippi california
mississippi cases
mississippi compensation
mississippi complaint
mississippi debt
mississippi discrimination
mississippi fraud
mississippi illinois
mississippi law firm
mississippi lawsuits
mississippi litigation
mississippi overtime
mississippi re
mississippi securities
mississippi suite
mississippi watershed
missouri settlement
neurontin settlement
ohio settlement
paypal settlement
pending settlement
product liability settlement
rivers settlement
securities litigation settlement
settlement corp
settlement fraud
settlement judge
settlement laws
siding settlement
vioxx settlement
worldcom settlement
mississippi settled
Anahtar kelimeler
class action sex
sex discrimination class action
sex discrimination settlement
sex settlement
bill o reilly sex scandal settlement
o reilly sex scandal settlement
Anahtar kelimeler
debt settlement
card debt settlement
consolidation debt settlement
credit card debt negotiation
credit card debt settlement
credit debt settlement
debt negotiation
debt settlement blog
debt settlement companies
debt settlement company
debt settlement help
debt settlement letter
debt settlement negotiation
debt settlement program
debt settlement services
debt settlement texas
irs debt settlement
settlement of debt
tax debt settlement
able debt settlement
about debt settlement
american debt settlement
bad debt settlement
best debt negotiation
best debt settlement
best debt settlement companies
best debt settlement company
book debt settlement
business debt negotiation
business debt settlement
christian debt settlement
commercial debt negotiation
cons of debt settlement
consumer debt settlement
debt collection negotiation
debt collection settlement
debt fast settlement
debt negotiation and arbitration
debt negotiation and debt settlement
debt negotiation and settlement
debt negotiation attorney
debt negotiation attorneys
debt negotiation companies
debt negotiation company
debt negotiation firm
debt negotiation lawyer
debt negotiation letter
debt negotiation letters
debt negotiation programs
debt negotiation service
debt negotiation services
debt negotiation truth
debt negotiations
debt reduction negotiation
debt settlement advice
debt settlement agencies
debt settlement agency
debt settlement agreement
debt settlement and credit
debt settlement associates
debt settlement association
debt settlement attorney
debt settlement attorneys
debt settlement bankruptcy
debt settlement calculator
debt settlement california
debt settlement canada
debt settlement com
debt settlement credit report
debt settlement credit score
debt settlement dallas
debt settlement faq
debt settlement firm
debt settlement florida
debt settlement form
debt settlement forum
debt settlement georgia
debt settlement group
debt settlement houston
debt settlement industry
debt settlement information
debt settlement law
debt settlement laws
debt settlement lawyer
debt settlement lawyers
debt settlement leads
debt settlement letters
debt settlement loan
debt settlement loans
debt settlement of america
debt settlement offer
debt settlement offer letter
debt settlement offers
debt settlement ohio
debt settlement options
debt settlement programs
debt settlement pros and cons
debt settlement questions
debt settlement reduction
debt settlement reviews
debt settlement scam
debt settlement scams
debt settlement service
debt settlement software
debt settlement solution
debt settlement solutions
debt settlement strategies
debt settlement strategy
debt settlement tips
debt settlement usa
debt settlement vs bankruptcy
debt settlement vs debt consolidation
do it yourself debt negotiation
do it yourself debt settlement
does debt settlement work
dts debt settlement
irs tax debt settlement
irs tax debt settlement help
low debt settlement
mortgage debt settlement
negotiate debt settlement
negotiating debt settlement
non profit debt settlement
online debt settlement
reliable debt settlement
reliable debt settlement companies
sample debt settlement
sample debt settlement letter
sample debt settlement letters
student loan debt settlement
tax debt settlement help
truth about debt settlement
unsecured debt settlement
us debt settlement
what is debt settlement
attorney debt negotiation solutions
debt by debt settlement
debt by debt settlement services
debt negotiation scams
debt settlement fees
debt settlement fraud
debt settlement in georgia
debt settlement resources
direct debt settlement
dts financial debt settlement
dts financial debt settlement services
florida debt negotiation attorney
fort lauderdale debt negotiation attorney
settlement of a debt
us consumer debt settlement program
Etiketler: MEMORANDUM, MISSISSIPPI, SETTLEMENT
# Settlement tarafından gönderildi @ 06:44 
Kaydol: Kayıtlar [Atom]