Philip Morris Seeks Reversal or Reduction of $10.1B Judgment

Albanese, Elizabeth
April 2003
Bond Buyer;4/23/2003, Vol. 344 Issue 31620, p32
Trade Publication
Lawyers for Philip Morris USA Inc. urged Madison County, Illinois, Circuit Court Judge, Nicholas Byron, to overturn or significantly reduce a 10.1 billion dollar judgment he awarded plaintiffs in a class-action lawsuit on March 21, 2003. Meanwhile, Moody's Investors Service Inc. further lowered the ratings on senior unsecured corporate debt for the tobacco giant's parent company, Altria Group Inc., and its subsidiary, Philip Morris Capital Corp. The total outstanding 20 billion dollar of corporate debt held by Altria and such subsidiaries as Philip Morris and Kraft Foods Inc. includes industrial revenue bonds issued on Philip Morris's behalf by conduits in eight states. The lawsuit, known as Price v. Philip Morris, accused the tobacco company of falsely advertising and marketing its Marlboro Lights and Cambridge Lights cigarettes to make them appear a healthier choice than regular cigarettes.


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