Philip Morris to Make Trust Fund Payment

Philip Morris Cos. made the first move toward establishing a $5.15-billion trust fund to help farmers and communities hurt by declining cigarette sales. In a letter obtained by Associated Press, the New York-based company said it will pay $300 million into the fund this year, regardless of whether other tobacco companies decide to participate. Additional payments will be made for the next nine years if the three other companies--R.J. Reynolds, Brown & Williamson and Lorillard--decide to pay their share. The farmers’ trust fund would be the second phase of the massive tobacco settlement signed Nov. 23 between companies and 46 states.