NY court rejects NYC plea for more tobacco money
A New York State court rejected an appeal by New York City and two counties, which had argued they deserved a bigger share of the $25 billion the state will get from the national tobacco settlement, a city aide said.
New York City Comptroller Alan Hevesi came out swinging late on Thursday. ``The fact that the court ruled that the state's formula is not unreasonable does not mean it is fair,'' he said in prepared remarks.
The sum New York City will receive from the state tobacco settlement is of particular importance because the city plans to issue $2.5 billion in bonds backed by the expected revenue.
As of March, the city was expected to get about $6 billion of the state's share of the settlement, which was reached last November.