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Philip Morris Gets $1.2
Philip Morris Gets $1.2B in Escrow Funds
Monday December 3, Altria's Philip Morris USA Receives $1.2 Billion in Escrow Funds
NEW YORK (AP) -- Philip Morris USA confirmed receipt of $1.2 billion in escrow funds Monday.
The New York-based tobacco company, a unit of Altria Group Inc., said the funds had been held under a bond stipulation in the R.J. Reynolds Tobacco Co. vs. Engle suit that named Philip Morris.
Philip Morris intends to immediately seek the discharge of a $100 million appeal bond in the same case, the company said.
The case arose out of a class-action lawsuit on behalf of 700,000 Florida residents suffering from illness caused by their addiction to cigarettes. The Supreme Court in October rejected a request by tobacco companies to consider making it harder for smokers to prove they were misled by the industry.
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