Jump to full article: CNN/Money, 2008-03-28
Intro: The Nebraska Supreme Court says the state will have to go through arbitration to settle its dispute with three tobacco companies over a $4.5 million reduction in the state's 2006 settlement payment.
Nebraska and several other states sued R.J. Reynolds Tobacco Co. (NYSE:RAI) , Lorillard Tobacco Co. and Philip Morris (NYSE:MO) USA over the payment discrepancy. But the 1998 settlement between the companies and 46 states calls for an arbiter to resolve disputes over adjustments to the payments.
The Nebraska Supreme Court said in its ruling released Friday that nearly every court that has examined disputes about these settlement payments has concluded the issue does not belong in court because the settlement language is clear.
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