British American Tobacco is facing a London lawsuit from shareholders over allegations the cigarette maker failed to properly tell markets about breaches of US sanctions in relation to its business in North Korea.
BAT in 2023 agreed to pay more than $635 million to US authorities after a subsidiary admitted conspiring to violate US sanctions by selling tobacco products to North Korea and commit bank fraud from 2007 to 2017.
More than 100 current and former BAT shareholders filed a lawsuit against the company at London's High Court on February 27, the claimants' lawyers said in a statement.
"The claim alleges that BAT failed to properly publish information to the stock market about its business operations in North Korea since 2007 to 2023," law firm Fox Williams said.
BAT, which sells cigarettes, tobacco and other nicotine products, said in a statement that it was aware of the lawsuit which "relates to BAT's historical business activities in relation to North Korea".
The statement added that, under its 2023 agreement with the US authorities, "BAT cannot make any comment on the documentation published by the investigating authorities, the contents therein, or on related factual matters".
The value of the lawsuit is not known and no further details were immediately available.
A separate lawsuit was filed against the company at the High Court on the same day, according to court records. Stewarts, the law firm representing that group of claimants, declined to comment. (Reuters)
