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Philip Morris Companies Inc

BUSINESS
May 23, 2001 | WILLIAM McQUILLEN, BLOOMBERG NEWS
A federal appeals court Tuesday threw out racketeering claims against Philip Morris Cos. and other U.S. cigarette makers by labor unions and dismissed separate claims against the industry by three foreign nations. Tobacco analysts said the ruling may cast doubt on a U.S. government suit against the tobacco companies and bolsters their prospects in other legal battles.
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BUSINESS
May 11, 2001 | From Bloomberg News
A lawsuit seeking restitution from tobacco companies for every Californian who has bought cigarettes can proceed, a state judge ruled. Superior Court Judge Ronald Prager in San Diego has certified class-action claims on behalf of California smokers who contend that Philip Morris Cos. and other cigarette makers broke the state's unfair business practices laws. Smokers may be eligible for billions of dollars in restitution if the suit succeeds, plaintiffs' lawyers said.
BUSINESS
November 1, 2002 | From Reuters
The California Supreme Court sent a former smoker's suit against Philip Morris Cos. Inc. back to the appellate level for review. The move comes months after the court handed the tobacco industry a partial victory in a verdict that gave cigarette makers some protection from smoker lawsuits. The case going back to the appellate court was brought by Patricia Henley, who has inoperable lung cancer. She was awarded $1.
BUSINESS
August 4, 1998 | From Bloomberg News
Philip Morris Cos., the largest U.S. cigarette maker, has raised the price of a pack of cigarettes 6 cents, or 3%, and rival cigarette makers including RJR Nabisco Holdings Corp. promptly followed suit. The increase is the industry's fifth since September, raising in total the price of a pack of cigarettes 25 cents. The latest increase indicates that U.S.
BUSINESS
August 15, 1998 | Bloomberg News
Philip Morris Cos. restated its second-quarter net income to include a $63-million charge that covers an increase in the tobacco industry's settlement of Texas' lawsuit seeking to recover the costs of treating ill smokers. The maker of Marlboro cigarettes, Miller beer and Kraft cheese said the charge reduced net income to $1.74 billion, or 71 cents a diluted share. The tobacco industry agreed in January to settle Texas' lawsuit for $15.3 billion over 25 years.
BUSINESS
February 7, 1998 | Reuters
A $349-million settlement of a secondhand-smoke lawsuit will stand, despite controversy over its paying $49 million to attorneys and nothing to flight attendant plaintiffs, a judge said in an order. "The proposed settlement is fair, reasonable, adequate and in the best interests of the class," Dade County Circuit Judge Robert Kaye said in his order. The settlement was reached Oct. 10, four months into the trial of Norma Broin vs. Philip Morris Cos.
BUSINESS
April 22, 1998 | From Times Wire Services
Philip Morris Cos.' first-quarter earnings rose 9%, paced by stronger sales of its best-selling Marlboro cigarettes even as the company charged higher prices to fund industry legal settlements. The world's largest cigarette company said profit rose to $1.93 billion, or 79 cents a diluted share, from $1.77 billion, or 72 cents, a year ago. That matched the average estimate of analysts polled by IBES International Inc. The company, whose other operations include Kraft Foods Inc.
BUSINESS
July 1, 1998 | Bloomberg News
Philip Morris Cos. was sued on behalf of Florida smokers of its Marlboro Lights, who want their money back because the cigarettes were marketed as safer than brands with higher tar and nicotine. The lawsuit filed in Circuit Court in Hillsborough County against the New York-based cigarette giant echoes the claims in a Pennsylvania cased filed in March over RJR Nabisco Holdings Corp.'s "light" and "ultra-light" brands.
BUSINESS
March 4, 1998 | From Associated Press
The head of Philip Morris Cos. on Tuesday said he was ashamed of the company's attempts to market its product to young people. During testimony in Minnesota's tobacco trial, Geoffrey Bible, chairman and chief executive of the nation's largest cigarette company, was shown a 1975 memo written by researcher Myron Johnston to Dr. R.B. Seligman.
BUSINESS
January 29, 1998 | HENRY WEINSTEIN, TIMES LEGAL AFFAIRS WRITER
The director of the Mayo Clinic's Nicotine Dependence Center testified Wednesday that he was shocked to learn from internal corporate documents how much the tobacco industry knew about nicotine addiction and how to "manipulate" nicotine. Although he is a recognized expert in the field, Dr. Richard D. Hurt--the opening witness in a landmark court case against the industry--said his review of company documents enhanced his knowledge on nicotine and addiction "in ways that are hard to describe.
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