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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)
MO 58.07-0.5%Dec 19 9:30 AM EST
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To: Xianming Liu who wrote (6270)8/7/2001 12:33:07 PM
From: md1derful  Read Replies (1) of 6439
 
X: Here is the next big problem for big tob.:
"Mark McMinimy -- Tobacco: As Expected, EU Countries Move to Refile Smuggling/Racketeering
Claims
A story in today's Wall Street Journal affirms our view that following the dismissal by a federal judge of a
smuggling/racketeering case brought by the EU Commission against Philip Morris (MO 45)² and R.J.
Reynolds (RJR 52) on the grounds that the Commission lacked standing because it had not suffered any
injury, individual member countries of the EU would refile essentially the same case on their own behalf.
We said the dismissal was more bad news than good for the industry because the federal judge rejected the
industry's key argument that the Revenue Rule prevents U.S. courts from hearing this case and others like it,
such as Canada's.
The judge's reasoning will certainly be taken into account by a three-judge panel at the federal appeals court
of the Second Circuit, which is considering whether or not the Revenue Rule prevents Canada from pursuing
a similar claim against RJR in federal court.
This upcoming decision will be pivotal in determine whether cigarette makers are exposed to an untested and
potentially threatening new front in the litigation wars. We believe Canada has a better than 50 percent
chance of prevailing. A ruling is likely before the year is out."
We'll have to keep an eye on this
doc
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