Angelos wins $150 million tobacco settlement
Baltimore lawyer and Orioles owner Peter G. Angelos will receive $150 million -- $30 million over the next five years -- as part of his compensation for representing Maryland in a suit against the tobacco industry.
The deal between Angelos and the state is the final settlement agreement for Angelos' role in helping the state secure up to $4.4 billion over 25 years as its share of the national tobacco settlement. The first payment of the $150 million settlement will be paid after the Board of Public Works meeting on April 24.
"We thank Mr. Angelos for working with us to make this settlement possible," said Gov. Parris N. Glendening.
Angelos could not be reached for comment.
Under his original deal with the state, Angelos was entitled to 25 percent of any settlement the state received from the tobacco lawsuit. Given the $4.4 billion settlement, Angelos could have gotten $1.1 billion.
For each of the next four years, $30 million of Maryland's annual settlement money will be held for Angelos in escrow. The state already has given Angelos $5.3 million in May 2000.