TITLE

Philip Morris' Bond Lowered

AUTHOR(S)
Albanese, Elizabeth
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/15/2003, Vol. 344 Issue 31615, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Philip Morris USA Inc. officials will make a $ 2.6 billion payment to states in the U.S. under the terms of the 1998 Master Settlement Agreement with 46 states after a Madison County, Illinois circuit court judge lowered the initial payment amount of $10.1 billion. After negotiations with the plaintiffs and the judge, Nicholas Byron, the appeal bond was lowered to$ 800 million in cash and a $ 6 billion note. The plaintiffs in the case allege that the company fraudulently advertised their Marlboro Lights and Cambridge Lights cigarettes to make them appear better for smokers' health than regular cigarettes.
ACCESSION #
9766436

 

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