Jump to full article: PR Newswire, 2003-05-16
Author: Source: Lorillard Tobacco Company
Intro: Lorillard Tobacco Company today announced that it and a number of other U.S. tobacco companies has reached a settlement with U.S. tobacco growers that includes a decade-long commitment to purchase domestic leaf.
A class of growers had alleged antitrust violations resulting from the companies' purchases of flue-cured and burley leaf tobacco, asserting that the actions led to depressed prices for leaf tobacco.
In addition to its commitment to purchase at least 20 million pounds of U.S. tobacco leaf each year for the next decade, Lorillard will contribute $20 million to a $200 million cash settlement to the farmers named in the class. . .
"Lorillard Tobacco Company always has bought a large percentage of its tobacco domestically, and is committed to helping the U.S. tobacco farmer continue to produce the high-quality tobacco that our consumers demand. This agreement simply serves to solidify our commitment to purchasing leaf from domestic tobacco growers," Milstein continued.
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