Philip Morris Wants Expedited Hearing on $10.1B Verdict

Albanese, Elizabeth
May 2003
Bond Buyer;5/14/2003, Vol. 344 Issue 31635, p4
Trade Publication
Philip Morris USA Inc. has urged the Illinois Supreme Court to expedite a hearing on the company's effort to overturn a 10.1 billion dollar verdict by a Madison County Circuit Court in the Price v. Philip Morris class action lawsuit by smokers of cigarettes. In March, the company told Madison County Circuit Judge Nicholas Byron that a 12 billion dollar appeal bond he ordered the cigarette manufacturer to pay before appealing the Price judgment would not only bankrupt Philip Morris USA Inc. but would also make it impossible to make a 2.6 billion dollar MSA payment to states that was due April 15, 2003.


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