July 9, 2004 |
Philip Morris International and the European Union have sealed a deal for the maker of Marlboro cigarettes to pay $1 billion to fight smuggling and counterfeits that are costing both sides hundreds of millions annually in lost taxes and sales, sources familiar with the matter said Thursday. Talks to end years of legal wrangling will conclude Friday with the signing of a cooperation agreement, one source familiar with the talks said.
March 11, 2004 |
The Justice Department may seek to force Altria Group's Philip Morris USA, R.J. Reynolds Tobacco Holdings Inc. and other cigarette makers to give up profits earned before 1970, a federal judge ruled Wednesday. Attorneys for the cigarette makers argued that the government shouldn't be able to use a 1970 racketeering statute to recover industry profits earned before the law was on the books. U.S.
January 29, 2004 |
Altria Group Inc., parent of cigarette maker Philip Morris, said fourth-quarter earnings rose 18% after it reduced prices on Marlboro and other top sellers to win back smokers who had switched to cheaper brands. Net income climbed to $2.09 billion, or $1.02 a share, from $1.77 billion, or 85 cents, in the year-earlier period, the New York-based company said in a statement. Sales at Altria, which also owns Kraft Foods Inc., increased 10% to $20.7 billion from $18.8 billion.
January 7, 2004 |
Philip Morris USA and R.J. Reynolds Tobacco Holdings Inc., the two largest U.S. cigarette makers, must face class-action lawsuits brought by Missouri smokers who claim they were misled about the health risks of "light" cigarettes, a state judge decided. Judge Michael David in St. Louis last week certified the two separate lawsuits, allowing the plaintiffs to represent thousands of other smokers.
November 25, 2003 |
A New Hampshire jury ruled in favor of tobacco giant Philip Morris USA in the case of a woman who blamed Marlboros for the lung cancer that killed her husband. Philip Morris argued that Julien Longden of Manchester could have quit smoking, but chose not to do so. The company also said other factors could have caused the cancer. He died in 2000 and the suit was filed by his wife, Sheila Longden.
September 17, 2003 |
Philip Morris USA was handed a major victory Tuesday when the Illinois Supreme Court slashed almost in half a $12-billion bond required from the company pending an appeal of a critical verdict. The state high court also reversed its own earlier ruling and agreed to bypass the state appellate court and hear the appeal of a judge's $10.1-billion verdict against Philip Morris, which he found to have tricked smokers into thinking "light" cigarettes were safer than regular cigarettes.