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Non-Tech : Philip Morris - A Stock For Wealth Or Poverty (MO) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (6296)	11/16/2001 12:10:17 PM
From: Kevin Podsiadlik	Respond to of 6439

I wouldn't mind so much if we didn't already have Altera, Alterra, Alcoa, Aldila, Alltrista...

To: Jim Oravetz who wrote (6296)	11/27/2001 12:36:38 PM
From: Jim Oravetz	Read Replies (2) \| Respond to of 6439

Tobacco Companies Appeal Big Award In Florida Smokers' Class-Action Suit By LISA VICKERY Staff Reporter of THE WALL STREET JOURNAL NEW YORK -- Major tobacco companies, appealing a record-setting $145 billion punitive-damage award in a Florida smokers' class-action case, contended the trial procedure was "backwards" and a critical series of errors brought an "unlawful and unjust" result. A six-person Miami jury arrived at the award in July 2000 after a two-year trial, known as the Engle case, that weighed tobacco-industry conduct and the harm caused by cigarette smoking. Last November, the judge in the case, Robert P. Kaye, rejected industry lawyers' requests that he overturn the verdict or at least reduce the award against the companies. Philip Morris Cos., the New York maker of Marlboro cigarettes, said one of the industry's biggest arguments in the appeal is that the case shouldn't have been certified as a class action in the first place, as there are too many variables in each smoker's case. The appellate brief also states the trial procedure was backwards because the court assessed punitive damages in a lump sum for all class members before it determined all class members' compensatory-damage claims. The size of the class hasn't been determined. The brief was filed with Florida's Third District Court of Appeals on behalf of Philip Morris; R.J. Reynolds Tobacco Holdings Inc. of Winston-Salem, N.C.; Brown & Williamson, a unit of London-based British American Tobacco PLC; and Lorillard Tobacco, a unit of Loews Corp., New York. Miami-based Vector Group's Liggett unit is expected to file its own brief. William S. Ohlemeyer, Philip Morris vice president and associate general counsel, in a conference call, said the companies also will argue that the plaintiffs' lawyer, Stanley Rosenblatt, improperly told jurors that they should ignore laws they disagree with. The industry's filing also takes issue with the size of the damage award. Mr. Ohlemeyer said punitive damages "are designed to hurt -- not bankrupt -- companies," adding that the $145 billion verdict "obviously would bankrupt these companies." Mr. Rosenblatt couldn't be reached for comment. The plaintiffs have 30 days to file their response to the defendants' brief, although it is expected that Mr. Rosenblatt will be granted extensions. The companies then are allowed a chance to reply. Mr. Ohlemeyer estimated that the case would get to the district court perhaps in the fall of the coming year.