Philip Morris USA apparently has decided against playing hardball over a hefty settlement, but Reynolds American Inc.'s RJR is hanging tough. Philip Morris, the nation's largest cigarette maker, made its $3.4 billion payment Friday, though it believes that sum should be reduced to reflect market losses stemming from its participation in the 1998 Master Settlement Agreement. RJR also made a payment -- but not the full amount. Some states are threatening legal action if the companies try to make reductions.
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Philip Morris Makes Payment to States, While RJR Takes Harder Line
The Associated Press
April 4, 2006
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