The Illinois Supreme Court handed the tobacco industry a huge victory Thursday by tossing out a $10.1 billion fraud judgment against Philip Morris USA over the marketing of its “light” cigarettes.
But while shares of parent company Altria Group Inc. soared to an all-time high on the news, industry critics warned that the Illinois decision does not insulate U.S. cigarette companies from future lawsuits. There are at least 40 similar suits pending against companies like Philip Morris and Reynolds American, any of which could result in awards into the billions of dollars, tobacco opponents said.
