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No Illinois Supreme Court throws out $10 billion judgment against Philip Morris
Philip Morris got an early Christmas present today. The Illinois Supreme Court threw out a $10 billion judgment against the tobacco company. It was a consumer fraud case over exactly how light those light cigarettes are. Wall Street liked the ruling. Shares of parent company Altria were up today. But Helen Palmer reports from the MARKETPLACE help desk at WGBH, big tobacco has more days in court to come. HELEN PALMER reporting: This was an important win for Philip Morris, but the company's response was terse. Spokesman Dawn Schneider. Ms. DAWN SCHNEIDER (Spokesman): Philip Morris USA is gratified by today's Illinois Supreme Court decision in the Price case. PALMER: Philip Morris knows 40 similar suits are pending in 23 states. And the Massachusetts Supreme Court reached the opposite decision in a parallel case. That one also accused Philip Morris of consumer fraud for marketing light cigarettes as less dangerous than regular brands, says tobacco foe Richard Daynard. Mr. RICHARD DAYNARD: That case had that Philip Morris was potentially liable, that a class action was exactly appropriate for exactly the same kind of case.
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