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$10.1 Billion Judgment Against Philip Morris Tossed by Illinois High Court
The Illinois Supreme Court handed the tobacco industry a huge victory Thursday by tossing out a $10.1 billion fraud judgment against Philip Morris over the marketing of its "light" cigarettes. Tobacco analyst Bonnie Herzog wrote that the ruling was a "slam dunk decision for Philip Morris." But even as shares of parent company Altria Group 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.Sutherland regains lost ground in 2010
Sutherland didn't just regain lost financial ground-plus some-in 2010, posting revenue of $290.9 million, an 8 percent gain over the prior year. The firm's equity partner pay also popped the million-dollar mark for the first time.The revenue increase brings the firm back to its 2007 and 2008 levels, when revenue hovered around $289 million, and represents a recovery from its 2009 slide to $269 million.Simpson Thacher, Wilson Sonsini Advise on Law360's Sale to LexisNexis
Buffett's firm buys 10M share stake in GM
Warren Buffett's company is apparently bullish on the U.S. auto industry. Berkshire Hathaway Inc. took a new 10-million share stake in General Motors Co. in the first quarter.Trending Stories
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