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Senate panel criticizes tobacco settlement terms.
Business Insurance, July, 1997 by Hofmann, Mark A.
WASHINGTON - New questions about details of the proposed $368.5 billion tobacco settlement underscore how far the controversial proposal is from being a done deal. As state attorneys general defended the proposed settlement to members of the Senate Judiciary Committee last week, several senators indicated they thought the proposed settlement relieved tobacco companies of liability at far too low a price.
In particular, the senators said any global settlement should not allow the tobacco companies to deduct the costs of punitive damages from their federal income taxes, as the Internal Revenue Code permits. One senator also questioned what impact the settlement might have on the victims of asbestos-related diseases who also happened to smoke, as they attempted to...
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