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Stock Market & Financial Investment News

News Breaks
April 30, 2014
08:37 EDTMOAltria to appeal reinstatement of Illinois “Lights” judgment of $10.1B
Philip Morris USA, a unit of Altria Group, said that it will seek immediate review by the Illinois Supreme Court of the appellate court decision to order reinstatement of the 2003 judgment in the Price “Lights” case. While that review is pending, the appellate court decision is stayed automatically. “The law does not allow the Fifth District to reopen a decision by the Illinois Supreme Court based on speculation about the possible impact of subsequent events on the higher court’s ruling. In addition, the Fifth District erred in ordering reinstatement despite the fact that the Illinois Supreme Court previously raised other problems with the judgment, including whether the case was properly certified as a class action,” said Murray Garnick, Altria Client Services senior vice president and associate general counsel, speaking on behalf of PM USA. The Illinois Supreme Court in 2005 overturned a $10.1B judgment against PM USA, which was imposed by former Madison County Circuit Judge Byron, sitting without a jury. “If the Illinois Supreme Court declines to review the case at this point, PM USA will pursue an appeal in the ordinary course, to which a $250M bond cap would apply,” Garnick added.
News For MO From The Last 14 Days
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September 29, 2014
06:41 EDTMOTobacco companies placing tough warnings on e-cigarettes, NY Times says
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September 26, 2014
10:01 EDTMOOn The Fly: Analyst Upgrade Summary
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08:00 EDTMOAltria Group upgraded at BofA/Merrill
As previously reported, BofA/Merrill upgraded Altria to Buy from Neutral. The firm expects Altria to benefit from steady U.S. fundamentals given and believes it could monetize its beer exposure if AB Inbev acquires SABMiller, which Altria has an investment in. Price target raised to $50 from $44.
07:41 EDTMOAltria Group upgraded to Buy from Neutral at BofA/Merrill
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September 24, 2014
12:12 EDTMOIllinois Supreme Court grants review of the Price case
The Illinois Supreme Court granted review in the Price case to decide whether its 2005 dismissal of that case against Philip Morris USA should remain in place. In April, an intermediate state appellate court overturned a decade-old decision of the Illinois Supreme Court dismissing the Price case. The appellate court further held that, as a result of the case being reopened, the original judgment should be reinstated. That decision remains stayed while on appeal. In 2003, a Madison Circuit Court judge sitting without a jury found that Philip Morris USA had deceived Illinois smokers in purchasing Marlboro Lights and Cambridge Lights cigarettes and imposed a $10.1B judgment. In 2005, the Illinois Supreme Court reversed the judgment in favor of Philip Morris USA.

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