British Columbia Attorney General Niki Sharma says the province's share of a landmark settlement for health damages from the big tobacco firms will be about $3.7 billion, with the money to be distributed over at least 18 years.
It's part of a $32.5-billion Canadian settlement between JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. and their creditors after more than five years of negotiations.
The Ontario Superior Court of Justice has approved the settlement, which Sharma described as the largest in Canadian history and the third-largest worldwide.
Sharma says the money B.C. receives will go directly toward strengthening the health-care system and helping offset government spending on health care for people who suffer from smoking-related illnesses.
She says B.C. is set to receive about $900 million in the first year and 14.47 per cent of its settlement amount every year going forward.
Sharma says the province has led the way in working to hold big tobacco companies accountable for "knowingly withholding the truth" about the harmful impacts of their products.
She said the pan-Canadian legal battle started in B.C. in the late 1990s, with the passage of the Tobacco Damages Recovery Act.
"This is not just about financial compensation, because we know that there will never be enough money to undo the harm and damage caused by these deceptive practices," Sharma told a news conference in Victoria on Thursday.
"This is about ensuring that there are real consequences for corporate wrongdoing and taking steps to prevent further harm."
