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Vanderbilt University Law School

Cigarette industry

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A Postmortem On The Cigarette Settlement, W. Kip Viscusi Jan 1999

A Postmortem On The Cigarette Settlement, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

The settlement of the Attorney Generals' suits against the cigarette industry for $206 billion was a landmark outcome. By any standard, the financial stakes were enormous, dwarfing eventhe largest tort liability judgments and punitive damages awards. Moreover, what was especially noteworthy was that the party paying for the costs was the cigarette industry, which to date had been almost unscathed after decades of litigation involving the hazards of smoking... Even more surprising than the enormous amount of the settlement is that any portion is being paid at all to the states. Past research at the national level indicates that cigarettes …


The Governmental Composition Of The Insurance Costs Of Smoking, W. Kip Viscusi Jan 1999

The Governmental Composition Of The Insurance Costs Of Smoking, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

The estimated health risks from smoking have significant external financial consequences for society. Studies at the national level indicate that cigarettes are selffinancing since external costs such as those due to illnesses are offset by cost savings associated with premature death, chiefly pension costs. This paper extends this analysis to all 50 states and considers the costs considered in the state attorneys general suits against the cigarette industry. Cigarettes are always self-financing from the standpoint of costs to each state. The extent of the cost savings is less than at the federal level. However, smokers' higher medical costs are outweighed …


From Cash Crop To Cash Cow, W. Kip Viscusi Jan 1997

From Cash Crop To Cash Cow, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

The 1990s have witnessed a blizzard of anti­smoking efforts. Hillary Clinton and a variety of supporters of the Clinton health care plan urged dramatically higher cigarette taxes to pay for expanded health insurance efforts. And many state and local governments have imposed smoking restrictions or have undertaken antismoking ad campaigns. Those antismoking efforts recently culminated with a pro­ posed $368.5 billion settlement to address many liability and regulatory issues. The focal point of the bargain was the settlement of a series of lawsuits filed by the states against cigarette companies to recoup smoking-related Medicaid costs. Several state attorney generals composed …