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)

MO 58.07

-0.5%

Dec 19 9:30 AM EST

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To: md1derful who wrote (6280)	8/22/2001 12:40:47 PM
From: Jim Oravetz	Read Replies (1) of 6439

Smoker in California Agrees to Settle With Philip Morris for $100 Million Reuters LOS ANGELES -- The California Marlboro smoker who won a record $3 billion verdict against Philip Morris Cos. in a fraud lawsuit agreed to accept a $100 million damage award set by the judge in the case this month, his attorney said. "On August 15, his 57th birthday, Richard Boeken agreed to accept $100 million in punitive/exemplary damages rather than partially retry his case," lawyer Michael Piuze said in a statement. Superior Court Judge Charles McCoy said that after considering the potential for future damage awards, the original verdict was too high. If Mr. Boeken, who is dying of lung cancer, chose not to accept the $100 million, the judge said he would grant a new trial solely on the issue of punitive damages. In June, a jury in Los Angeles found Philip Morris, of New York, liable for concealing the health dangers of cigarettes and awarded Mr. Boeken $5.5 million in compensatory damages and $3 billion in punitive damages. Philip Morris has vowed to appeal the verdict regardless of whether Mr. Boeken accepted the lower award. Mr. Piuze said Mr. Boeken has the right to cross-appeal in order to seek reinstatement of the $3 billion punitive damages awarded by the jury and will do so.

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