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.