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July 26, 2004

Tobacco appeal bond update: the Empire State enters the fray?

From today's New York Law Journal: "A cigarette industry bill that would cap appeal bonds in tobacco cases at $100 million has passed the New York state Senate and has some backing among the Democratic majority in the Assembly.... New York lawmakers, concerned over the state's share of a $200 billion settlement between tobacco companies and states, are looking to quietly help the industry, observers said."

Of course, opponents of the measure wondered about a justification that "means that the State of New York has an economic interest in the continued financial health of an industry that has lied to policymakers for years, violated New York laws and deceived millions into a life of addiction and early death." Well, yes, the states all now have an economic interest in protecting tobacco manufacturers. Don't say we didn't warn you.

Here's to hoping that, in lieu of this special-industry protection, New York lawmakers adopt a sensible, broader appeal bond reform. I'm not holding my breath...

Posted by James R. Copland at 07:02 PM | TrackBack (0)

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