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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO)
MO 58.40-1.3%Dec 18 3:59 PM EST
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To: Jim Oravetz who wrote (6412)12/15/2005 10:42:18 AM
From: Jim Oravetz  Read Replies (1) of 6439
 
Illinois Supreme Court reverses $10.1 billion Altria verdict

CHICAGO (Reuters)- The Illinois Supreme Court on Thursday reversed a $10.1 billion verdict against Philip Morris USA, with instructions to dismiss the class action against the unit of Altria Group Inc. (NYSE:MO - news)

The ruling in the case, in which Philip Morris was accused of defrauding customers into thinking "light" cigarettes were safer than regular smokes, sent Altria shares up more than 5 percent.

The case has been closely watched not just because of the size of the ruling, but because it is one of the legal hurdles management has said need to be cleared before it executes plans to spin its Kraft Foods Inc. (NYSE:KFT - news) unit from its tobacco businesses.

The initial $10.1 billion judgment in the class-action case was handed down against Philip Morris by a trial court judge in March 2003. The Supreme Court took the unusual step of bypassing the appellate court and hearing the case on appeal directly from the trial court.

Oral arguments were heard by the Supreme Court in November 2004. Philip Morris had argued that the case should never have been certified as a class but should have required each individual smoker to prove their case separately.
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