Full Delaware High Court Orders ITG to Pay Reynolds $251 Million

ITG Brands LLC lost its bid to reverse a judgment ordering the company to pay more than $251 million to Reynolds American Inc. in a tobacco acquisition dispute.

The Delaware Supreme Court affirmed the Delaware Chancery Court’s March decision on Monday with an en banc order finding that ITG must reimburse Reynolds for money it had paid to the state of Florida as part of a settlement agreement that pre-dated ITG’s acquisition of Reynolds’ cigarette brands.

• The payments Reynolds made to Florida on behalf of ITG-owned brands aren’t excluded under ITG’s agreement to purchase Reynolds tobacco brands Winston, Salem, Maverick, ...