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Vector Group Ltd

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BUSINESS
May 17, 2001 | Reuters
Vector Group Ltd., a holding company that indirectly owns discount cigarette maker Liggett Group Inc., said Carl Icahn plans to buy about 1.64 million of its common shares for about $50 million, giving the billionaire financier about 13% of the tobacco company's outstanding shares. Miami-based Vector said it entered an agreement in which High River, owned by Icahn, will buy the shares at $30.50 apiece. Shares of Vector rose $1.50 to close at $33.60 on the NYSE.
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BUSINESS
May 17, 2001 | Reuters
Vector Group Ltd., a holding company that indirectly owns discount cigarette maker Liggett Group Inc., said Carl Icahn plans to buy about 1.64 million of its common shares for about $50 million, giving the billionaire financier about 13% of the tobacco company's outstanding shares. Miami-based Vector said it entered an agreement in which High River, owned by Icahn, will buy the shares at $30.50 apiece. Shares of Vector rose $1.50 to close at $33.60 on the NYSE.
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BUSINESS
February 20, 2001 | From Reuters
U.S. tobacco executives looking to use the latest in genetic engineering to create a so-called safer cigarette have struck a curious alliance with Amish and Mennonite farmers famed for avoiding anything as modern as electricity. Shunned by growers in mainstay tobacco states such as North Carolina and Kentucky, who fear a consumer backlash against bioengineered tobacco, maverick cigarette maker Vector Group Ltd.
BUSINESS
February 20, 2001 | From Reuters
U.S. tobacco executives looking to use the latest in genetic engineering to create a so-called safer cigarette have struck a curious alliance with Amish and Mennonite farmers famed for avoiding anything as modern as electricity. Shunned by growers in mainstay tobacco states such as North Carolina and Kentucky, who fear a consumer backlash against bioengineered tobacco, maverick cigarette maker Vector Group Ltd.
BUSINESS
March 12, 2002 | Bloomberg News
Vector Group Ltd., the holding company for Liggett Group Inc., will begin selling the nicotine-free cigarette Quest nationwide in the third quarter. Vector also will combine the sales and marketing businesses of its Liggett Group and Vector Tobacco units into Liggett Vector Brands Inc., a new entity to be based in New York. Vector shares were down 10 cents to $28.17 on the NYSE.
BUSINESS
November 3, 2000 | Reuters
A federal judge set a tentative trial date of July 15, 2003, for the federal government's racketeering claims against the tobacco industry. The trial date had been set for January 2003. U.S. District Judge Gladys Kessler in September dismissed two counts of the Justice Department's lawsuit that sought to recover billions of dollars spent by the federal government on smoking-related illnesses.
BUSINESS
November 18, 2006 | From Reuters
A U.S. appeals court has decided to review a lower court ruling that let a $200-billion lawsuit filed by "light" cigarette smokers proceed as a class action and stopped proceedings in the suit. Defendants in the case include Altria Group Inc.'s Philip Morris USA unit, Reynolds American Inc.'s R.J. Reynolds Tobacco Co., Loews Corp.'s Lorillard Tobacco unit, Vector Group Ltd.'s Liggett Group and British American Tobacco (Investments) Ltd. In September, U.S.
BUSINESS
June 21, 2005 | From Reuters
A federal judge urged the U.S. government and cigarette makers Monday to renew efforts to settle the landmark racketeering case that accuses the industry of conspiring to downplay the dangers of smoking. U.S. District Judge Gladys Kessler in Washington described the closed meeting as a "routine informational discussion with the parties urging them, once again, to consider the advantages of settling this case rather than the risks of litigating it."
BUSINESS
March 11, 2004 | From Bloomberg News
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.
BUSINESS
March 23, 2005 | From Reuters
U.S. government lawyers have begun talks with cigarette makers to try to settle the government's racketeering case against the industry, a person close to the matter said Tuesday. The Justice Department has met at least once with tobacco industry lawyers and a court-appointed mediator, but the person said both sides were under orders by the presiding judge not to discuss the settlement efforts. The talks came at the request of the trial judge in the case, U.S.
BUSINESS
October 14, 2004 | From Bloomberg News
The chief executive of Loews Corp.'s Lorillard Tobacco testified Wednesday that his company, which makes Newport cigarettes, sent millions of direct mail ads and coupons to consumers without ensuring they were over 21. Martin L. Orlowsky testified in the Justice Department's $280-billion racketeering lawsuit against major cigarette makers that his company mailed the material to people who said they were over 21, without requiring proof, such as a credit card or a driver's license number.
BUSINESS
November 18, 2004 | From Reuters
A divided U.S. federal appeals court panel Wednesday expressed skepticism about whether the government had the power to force cigarette makers to pay billions of dollars in past profits as part of its racketeering case against the industry. Hearing a legal argument that could be crucial to the $280-billion racketeering case, two of three appeals judges raised doubts about a lower court ruling that permitted the government to seek $280 billion in penalties from the industry.
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