37 Attorneys General Back Philip Morris
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Philip Morris USA gained support of attorneys general of 37 U.S. states, who filed a friend-of-the-court brief urging that a $12-billion deposit required to appeal a judgment be cut.
The states asked Judge Nicholas Byron in Illinois to reduce the bond he required the unit of Altria Group Inc. to post after Philip Morris lost a $10.1-billion judgment in a lawsuit alleging that the company misrepresented the safety of “light” cigarettes, said the brief filed in Madison County Circuit Court.
Philip Morris said it may not make its $2.5-billion payment to states due April 15 under a 1998 settlement between 46 states and four tobacco companies.
California would lose the most, $330.7 million, if the payment isn’t made, according to an exhibit filed with the brief.
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