A cigarette industry bill that would cap appeal bonds in tobacco cases has passed the New York Senate and has some backing among the Democratic majority in the Assembly. Under the bill, a company would have to post a maximum of $100 million rather than the amount of the judgment -- far more than the $25 million cap sought by tobacco lobbyists, but far less than the multibillion-dollar bond a company could have to pledge if faced with a large damages award.
N.Y. Bill Would Cap Tobacco Suit Appeal Bonds
New York Law Journal
July 26, 2004