Philip Morris - A Stock For Wealth Or Poverty (MO) Message Board

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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)

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To: Frank Ellis Morris who started this subject	10/10/2000 10:19:29 PM
From: Glenn Duncan	Read Replies (1) of 6439

Tobacco Companies Win Dismissal of Pennsylvania Hospital Suit By William McQuillen Philadelphia, Oct. 10 (Bloomberg) -- A federal appeals court dismissed a suit against Philip Morris Cos. and other U.S. tobacco companies by Pennsylvania hospitals seeking to recover money spent treating smoking-related illnesses. In affirming a judge's ruling, the 3rd U.S. Circuit Court of Appeals in Philadelphia agreed with the companies' argument that the harm suffered by the 16 hospitals was too far removed from the alleged wrong committed by the industry to permit damages. ``The remoteness is evident in the highly speculative nature of the hospitals' damages claim,'' the appeals court wrote. ``This deficiency is also manifested in the indirectness of the hospitals' injuries.'' The hospitals claimed the tobacco companies deceived and misled smokers for more than 40 years and said federal antitrust and racketeering laws entitled them to recover the cost of treating the smokers. While individual plaintiffs have met some success suing the industry, in only one case has a complaint by a third party -- such as a labor union -- made its way to trial. In that case, a federal jury in Akron, Ohio, rejected claims by more than 100 union trust funds for $2 billion. Representatives from the tobacco industry couldn't immediately be reached for comment on the 3rd Circuit decision. Philip Morris shares rose 44 cents to 31.19 in trading today. R.J. Reynolds fell 81 cents to 32.63; Loews Corp. fell 1.31 to 79.50; and British American Tobacco Plc's American depositary receipts remained unchanged at 12.88. quote.bloomberg.com

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