Philip Morris (MO) Message Board

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Non-Tech : Philip Morris (MO)

MO 56.70

+0.6%

Nov 3 3:59 PM EST

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To: Geoff who wrote (25)	3/25/1997 7:04:00 PM
From: Jack L. Dlugach	of 50

Geoff: Here's a pretty simple explanation of the settlement from last night's paper. As usual, it sounds like the market reacted over just about nothing:== LIGGET struck the deal to resolve the claims by 22 state attorneys general. Preliminary approval was also granted for a companion plan that will settle all present and future lawsuits by smokers, their survivors, cities, counties, and insurers. Smokers and others would share in 25 percent of Liggett's before tax income over the next 25 years. The plan would not allow those who oppose the terms to opt out (this may be unconstitutional). THE IMMEDIATE FINANCIAL WINNERS would be Liggett itself and the attorneys. Lawyers said it was the best they could do because Liggett has a negative net worth. MINNESOTA and Blue Cross/Blue Shield are expected to oppose the settlement as inadequate. THE FLORIDA LAWYER who is heading that states class-action lawsuits said: "This is a phony gimmick designed to enrich a bunch of plaintiffs' lawyers." LEGAL EXPERTS are questioning the precedence of an Alabama state court attempting to issue a binding ruling that would affect insurers and individuals all around the country so this settlement may end up being overthrown.

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