Philip Morris to Appeal Judgment of $51.5 Million
<i> Bloomberg News</i>
Philip Morris Cos., the world’s No. 1 cigarette maker, said Wednesday it will appeal a $51.5-million damage award it has been ordered to pay a cancer-stricken smoker by a state court.
Philip Morris, which filed the notices of appeal in San Francisco, said it expects to bring motions for a new trial and for a judge to set aside the record-breaking award.
Last month, a San Francisco jury ordered New York-based Philip Morris to pay Patricia Henley, a Marlboro smoker, $51.5 million in compensatory and punitive damages. The award is the largest ever against a cigarette maker.
Shares of Philip Morris rose 25 cents to close at $39.31 on the New York Stock Exchange.
