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More rough weather for tobacco defense

In case you imagine that tobacco companies' litigation problems are going away -- notwithstanding the damaging California ruling discussed by Michael two weeks ago, the equivocal outcome in Philip Morris v. Williams, and the "unlawful cigarette giveaway" challenge recently green-lighted by a Massachusetts judge and discussed by Michael here -- here's yet another data point. A Louisiana appeals court has cut by more than half a $1 billion award on behalf of smokers in that state, reducing the size of the class entitled to recovery and denying pretrial interest. But it left intact enough of the rationale for the award that plaintiffs declared victory, and defendants sounded none too pleased. Still, Wall Street likes tobacco stocks these days, and Wall Street doesn't err about these things. Right?



Rafael Mangual
Project Manager,
Legal Policy

Manhattan Institute


Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.