Business and Economy
5:45 pm
Wed April 17, 2013

Oklahoma Receives Tobacco Settlement Payment

OKLAHOMA CITY (AP) - Oklahoma has received a $64.8 million payment as part of the state's 1998 settlement agreement with major tobacco companies, pushing the total amount received to more than $1 billion.

Oklahoma Treasurer Ken Miller announced the milestone Wednesday and says an additional payment is expected later this week.

State law requires most of the payment to go to the Tobacco Settlement Endowment Trust Fund created in 2000 to pay for programs to improve the health of Oklahomans and to fund cancer and addiction research.

The most recent payment pushes the total amount received since 2000 to $1.04 billion. About $800 million remains in the fund.

Tobacco companies have to make annual payments from cigarette sales under the 1998 Master Settlement Agreement, a sweeping reform of tobacco advertising practices.