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  • Fla. Supreme Court Tosses $145 Billion Tobacco Damage Award (Proposed Airline Targets Smoking Niche)

    07/06/2006 9:54:48 AM PDT · by fight_truth_decay · 12 replies · 640+ views
    MarketWatch ^ | 11:15 AM ET Jul 6, 2006 | By William Spain
    CHICAGO (MarketWatch) - The Florida Supreme Court has thrown out a $145 billion punitive damage award against cigarette makers - and decertified the case as a class action -- in a huge victory for the tobacco industry. "We unanimously conclude that the punitive damages award is excessive as a matter of law," the court said in a ruling handed down in the Engle case on Thursday. The news sent shares of No. 1 tobacco company Altria , +6.6%) up 5.5% to $77.44 while Reynolds American (RAI : reynolds american 119.21, +4.85, +4.2%) gained 4.8% to $119.79. ) U.S. stocks boosted...