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IN BRIEF / TOBACCO

Growers Reach Deal With Most Defendants

May 17, 2003|From Reuters

Several hundred thousand tobacco growers reached a settlement with most defendants in a price-fixing case that will boost growers' profits by $1 billion over time, their lawyers said.

The settlement received preliminary court approval, said Philip Morris USA, one of the defendants. The suit alleged cigarette makers and tobacco brokers violated antitrust laws by bid rigging at tobacco auctions since before 1996.

R.J. Reynolds Tobacco Holdings Inc. was the sole defendant that did not join the settlement. The case against R.J. Reynolds is set to go to trial in April 2004.

From Reuters

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