On July 29th, following a hearing in the morning, the Quebec Court of Appeal authorized the release of the almost $1 billion that it had ordered two tobacco companies to put aside almost a decade ago.
In October 2015, that court had ordered a series of security payments from Imperial Tobacco (totalling $757,995,000) and Rothmans, Benson & Hedges (totalling $225,995,000).
During the intervening period, the money has been managed by the Quebec Minister of Finance, which has now been ordered to release the money to the monitors of those two companies. It would appear that no interest was involved.
The joint request by the two largest companies involved was supported by the Quebec class action, on whose behalf the security payments had initially been imposed.
