PHILIP MORRIS LATEST
May 1st, 2001
BY MONICA DOBIETHE DOMESTIC tobacco subsidiary of Philip Morris has announced that the Engle class judgement, which levied punitive damages of $74 billion (US), will now remain stayed throughout the tobacco firms appeal process.The tobacco company has posted a bond of $100 million (US), which prevented plaintiffs from demanding full payment during the appeal.Philip Morris USA will now also put US$1.7 billion into an interest bearing escow account on top of the $100 million bond money.If the company wins, it will regain the money, if not, the money will be given ...
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