Friday, October 04, 2002

Wow. How did I miss this one?


A California jury has ordered cigarette giant Philip Morris to pay $28bn (£17bn) in punitive damages to a cancer-stricken smoker.

Philip Morris said it planned to appeal to the court to order a new trial, and would ask for a reduction in the size of the award if its request for a new trial was denied.

The award, the biggest ever in a smoking-related lawsuit, comes on top of an initial $850,000 payout intended to compensate the plaintiff - a 64-year-old woman suffering from lung cancer - for her illness.

The verdict wiped 6% off Philip Morris' share price, and dragged other tobacco stocks lower in sympathy.