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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 (6273)8/9/2001 11:59:45 AM
From: md1derful  Read Replies (2) of 6439
 
Here is the problem with LA judgement:
"Mark McMinimy -- Tobacco: Judge Expected to Rule on Mega-Punitive Damage Award
This afternoon, California Superior Court Judge Charles McCoy is expected to rule on a motion by Philip
Morris (MO 45)² asking him to set aside a jury verdict that saddled the company with a $5.5 million dollar
compensatory judgment and $3 billion punitive damages in favor of plaintiff Richard Boeken. The company
has argued the jury verdict should be set aside, but that in any case the punitive award should not exceed $25
million.
We believe it is unlikely that Judge McCoy will set aside the jury verdict and order a new trial, though he
probably will reduce the size of the punitive damage award.
The extent to which he may reduce the award is not clear. California law recognizes the need for
proportionality between compensatory and punitive damages, but contains no mechanism or fixed formula
for achieving this end.
It is not clear to our legal experts that Judge McCoy can be counted on to slash the punitive award to below
$100 million.
Philip Morris can appeal both the verdict and the size of the award to a state court of appeals, though it
would have to post a bond against any judgment. Our guess is that such an appeal could easily consume 18
months."
Market not happy about this
doc
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