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Templeton Emerging Markets Inco Message Board

  • dumb_as_a_post dumb_as_a_post Mar 21, 2003 8:08 PM Flag

    MO gets nailed!

    No no, not our MO!

    The other MO.

    You know, the MO that makes Marlboros.

    Illinois judge delivers verdict against Phillip MOrris for 10.1 billion dollars.

    That's billion with a b, ladies and gentlemen.

    And if you think you've experienced shock and awe, wait until you read what the lawyers made:

    Lawyers for the plaintiffs sought compensatory damages of more than $7.1 billion, plus punitive damages at twice that amount, for roughly 30 years' worth of refunds for Illinois smokers who bought and smoked the cigarette maker's Marlboro Light and Cambridge Light brands.

    The judge also ordered that 25 percent of the $7.1 billion in compensatory damages go to the attorneys for the plaintiffs, almost a $1.8 billion payday.

    Two plaintiffs in the case, Michael Fruth and Sharon Price, were awarded $17.8 million and $11 million, respectively, in compensatory damages.

    Byron granted Philip Morris USA's request that the order be stayed for 30 days before the company would have to post bond to file an appeal.

    Let's rewind:

    $1.8 billion payday
    $1.8 billion payday
    $1.8 billion payday

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    • Judge has reported, I believe, that he received a large financial contribution from the plaintiff attorney. Then awards 1.8B to attorneys. This, if true, is a disgrace to our entire court system and I expect that the entire so-called verdict will be zeroed out and the attorneys will come up drilling a dry hole. I'm a buyer of MO on the usual emotional selloff.

    • I don't own any MO stock, but I think the possibility of that 1.8 B dollar judgement being upheld all the way through the appeals process is minimal, if past cases are any indication..

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