Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (5799)	11/15/2001 12:26:54 AM
From: puborectalis	Respond to of 99280

Jury Finds in Favor of Companies By JULIET A. TERRY Cigarettes are not a defective product and the tobacco industry does not have to pay for the medical monitoring of 250,000 healthy West Virginia smokers, an Ohio County jury said Wednesday. At 2:05 p.m., in a packed courtroom with an atmosphere one lawyer called "electric" as he waited for the jury to return with a verdict, the conclusion was reached to the country's first class action medical monitoring lawsuit against national tobacco companies. Ohio County Circuit Judge Arthur M. Recht told anxious lawyers that "Big Tobacco" would not be forced to pay hundreds of millions of dollars for the medical testing of healthy smokers. Furthermore, cigarettes are not considered "unsafe for their intended use," the jury decided. "I'm not surprised," said R.J. Reynolds attorney Jeff Furr, a North Carolina lawyer who has been lead counsel for the defense. "The plaintiffs took two months and put on their best show, but the jury came back with the right decision. There is nothing defective about our product and nothing the companies can do to increase their safety beyond what we have done already. "It is nonsense that healthy smokers should ... expect the tobacco companies to act as insurance companies," Furr continued. "This was a verdict for common sense. You can't knowingly take a risk and then pass it on to us. This (medical monitoring program) was the last thing West Virginia needs, given the liability problems in this state." The class consisted of some 250,000 West Virginians who smoked at least a pack of cigarettes a day for five years and had not been diagnosed with any smoking-related disease. The smokers accused four tobacco companies ‹ Philip Morris, R.J. Reynolds, Brown & Williamson and Lorillard ‹ of making a defective product that increased their risk for developing lung cancer, chronic obstructive pulmonary disease and emphysema. The plaintiffs said that risk required periodic spirometry tests for COPD/emphysema and spiral computerized tomography tests for lung cancer. They class also said because the tobacco companies did not keep consumer health as a priority, they should pay for the testing. The tobacco industry said smoking is inherently risky behavior and the medical monitoring regime proposed by the plaintiffs was not medically necessary nor has it been accepted by any public health or medical organization. The jury agreed with the smokers in part, but not enough to make the tobacco companies liable for medical monitoring. Jurors agreed that smokers in the class are at risk for developing COPD, emphysema and lung cancer. They also agreed the medical monitoring program devised by the plaintiffs would make the early detection of those diseases possible. Simply having that risk, however, does not make it necessary for smokers to undergo periodic diagnostic medical testing apart from what a doctor normally would prescribe, the jury said. And because the jury did not find fault with the design, manufacturing and marketing of cigarettes, the companies are not responsible for the risks. Scott Segal, a Charleston attorney who lead the plaintiffs' team, said even though the plaintiffs lost this fight, their efforts were not wasted. "I'm sad. I'm exhausted, but the jury worked really well and I am very appreciative of their efforts. I don't think this fight was in vain," Segal said. "And I think ultimately the public health organizations will recommend the spiral CT to test for lung cancer." When asked if hoped the publicity generated by the trial would deter people from smoking, Segal said what "didn't come out in this trial is that most people start smoking when they are kids. ....If a person reached the age of 25 without smoking, it is very likely that person will never smoke, but many smokers start when they are between the ages of 13-18. We have to stamp that out to really make an impact." Before Segal can think about appealing the decision, he said first Recht will have an opportunity to hear post-trial motions and rule on whether or not he agrees with the jury's decision. Any comment about an appeal before those hearings happen, which Segal said hopefully will be before the end of the year, would be premature, he said. After reading the jury's verdict, Recht applauded the group's hard work. "I think you know how I feel. What you have done is just remarkable. We could not have done it without you," he said to the jury. "...The jury system is the engine that makes democracy go. ...What a genius of a system." To the attorneys, Recht said, "I can't thank you enough. This is the way a trial should go." The lawyers likewise had praise for Recht. "Judge Recht and his ability to deal with complex issues and cases is what made this case able to go so smoothly," Segal said. The first time this lawsuit was tried in January of this year, a mistrial was declared after just nine trial days. The case started over in September after months of restructuring and over two months with 21 trial days, the case proceeded smoothly and expediently. Recht said he attributes the success not just to the attorneys, but to an "exceptional jury."

To: Softechie who wrote (5799)	11/15/2001 12:47:10 AM
From: X Y Zebra	Respond to of 99280

LOL.... Here, there are some good news from the discount retailers.... Holiday Cheer From Wal-Mart Mark Lewis, Forbes.com, 11.13.01, 11:45 AM ET NEW YORK - When the Grinch stole Christmas, he cocked an expectant ear back at Whoville to enjoy the sobs of people deprived of their goodies. Instead he heard singing, as they made the best of a bad situation. Wall Street today was serenaded with a similarly cheerful tune from some retailers, providing welcome evidence that the coming holiday shopping season will not be a disaster for everybody. Wal-Mart Stores (nyse: WMT - news - people), the world's largest retailer, led the chorus by reporting record sales and earnings for its fiscal third quarter, which ended Oct. 31. Wal-Mart met analysts' expectations by earning $1.5 billion, or 33 cents per share, on revenue of $52.7 billion. That was up from the year-ago earnings of $1.4 billion, or 31 cents per share, on sales of $45.7 billion. The Home Depot (nyse: HD - news - people), J.C. Penney (nyse: JCP - news - people) and Williams-Sonoma (nyse: WSM - news - people) also met analysts' expectations, reporting overall sales and profits that were stronger than a year ago. The economy was not in recession last year, so it is heartening that these retailers can post improved numbers while so many other companies are reporting shrinking revenue and falling profits. More.... forbes.com