TITLE

Philip Morris Wants Expedited Hearing on $10.1B Verdict

AUTHOR(S)
Albanese, Elizabeth
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/14/2003, Vol. 344 Issue 31635, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
9860001

 

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