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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: Theo Karantsalis who wrote (6292)10/15/2001 8:59:48 AM
From: md1derful  Read Replies (2) of 6439
 
Hi gang...what's with all the silence...are we spending all of our mo profits??? Here's some extremely good news about the tob litigation which the street hasn't picked up on yet...love this company...keep on smokin':
"Tobacco: Big Legal Win for R.J. Reynolds Bodes Favorably for Tobacco
In an extremely favorable development for the tobacco industry on the litigation front, a three-judge panel of
the Second Circuit Court of Appeals ruled 2-1 Friday afternoon that Canada’s smuggling/racketeering
lawsuit against R.J. Reynolds (RJR 60) runs afoul of an 18th Century common law known as the "Revenue
Rule" and therefore cannot proceed in U.S. federal court.
As we have noted previously, this is the bellwether case: if this ruling stands, then an entire class of
potentially very threatening and heretofore untested lawsuits is very likely to be jettisoned. This
includes other cases filed in federal district courts within the Second Circuit, most importantly, civil suits
brought by numerous European Union countries against Philip Morris (MO 51)² and RJR and a civil
racketeering complaint brought by Colombia against MO and British American Tobacco (BTI 17.50).
It is quite possible that Canada will petition the entire Second Circuit to hear an appeal of this ruling, but
such appeals typically are rejected. An appeal to the U.S. Supreme Court is also possible, but since there
is no conflict among the circuit courts, the likelihood the high court would agree to review the case is
extremely low."

doc
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