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June 16, 2004

Illinois Supreme Court lowers appeal bond requirement

From Howard Bashman: The Illinois Supreme Court yesterday clarified that trial court judges in that state can set appeal bonds lower than the actual judgment amount plus interest. Illinois's rule hit the national headlines last year when Philip Morris USA faced potential bankruptcy were it to post the required $12 billion appeal bond from a $10.1 billion verdict for allegedly insinuating that its "light" cigarettes were "safer." The notion that such a verdict -- handed down in the notorious magnet court of Madison County -- would be essentially unappealable for even so giant a corporation as Philip Morris shows just how crucial this procedural reform was.

Posted by James R. Copland at 05:40 PM | TrackBack (0)




Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.