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Home / Verdicts & Settlements / Bankrupt tobacco company’s settlement hits $10 million, could climb higher (access required)

Bankrupt tobacco company’s settlement hits $10 million, could climb higher (access required)

A few years ago, Calvin Phelps was a cigarette millionaire who bought a Jazz Age palace filled with antiques and stocked his garages with Italian sports cars. Last month, one of Phelps’ Mocksville, N.C.-based companies agreed to pay millions of dollars to escrow accounts it shortchanged in several states, including North Carolina and South Carolina, while Phelps pleaded guilty to federal fraud charges in Mississippi. He could spend more than 40 years in prison and forfeit up to $2 million for dodging $5 million owed on cigarette sales.

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