FRANKFORT, KY (KFVS) - Kentucky Attorney General Andy Beshear says the Commonwealth is slated to receive $2.5 billion as a tobacco settlement reaches the 20 year mark.
Since 1999, Kentucky has collected more than $2 billion under the agreement reached by the tobacco industry and state attorneys general in 1998.
“For 20 years the landmark Master Settlement Agreement has made a positive impact on the Commonwealth, supporting early childhood education, health programs, cancer research, and helping to aid our farmers and create sustainable farm-based businesses,” Beshear said. “These funds are critical to our state, and the MSA is a textbook example of the importance of attorneys general to hold any industry accountable that would harm our people.”
Kentucky received $102 million in April and the Commonwealth is on pace to collect another $5 million over the next five years bringing the total for Kentucky to nearly $2.5 billion.
The three largest cigarette manufacturers – Philip Morris USA, RJ Reynolds and Lorillard (the latter two now merged as Reynolds American) – pay most of the MSA payment.
The Tobacco Settlement Agreement Fund Oversight Committee oversees the determinations on grant applications from the agricultural fund.