Court Dismisses Suit Against Philip Morris
Philip Morris Cos. said an appeals court dismissed a lawsuit the Marshall Islands government brought in an attempt to recoup expenses resulting from smoking-related diseases.
The republic’s Supreme Court affirmed a lower court ruling that there was insufficient proof the country suffered economic losses from cigarette makers’ actions, Philip Morris said.
The suit, filed in the nation after a court in Hawaii dismissed it, was modeled on lawsuits by U.S. states that led to a $246-billion settlement.
The Marshall Islands sought $4.6billion in damages, which a court would have been able to triple.
Philip Morris shares rose 21 cents to $55.27 on the NYSE.
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