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Florida Court Overturns 2009 Verdict In Suit Against Philip Morris USA

DOW JONES NEWSWIRES A Florida appellate court overturned a 2009 verdict against Altria Group Inc.'s (MO) Philip Morris USA unit that had awarded just under $2 million to a Florida man who said his 73-year-old wife died of lung cancer. The appellate court found that the trial court erroneously refused to hold that a statute of limitations barred the claim. The lawsuit by Leon Barbanell drew on findings from the 1994 Engle class-action case. The Florida Supreme Court decertified the Engle class action status in 2006 but allowed former class action members to file individual suits and rely on general findings. At the time, the plaintiff law firm acknowledged the jury found Shirley Barbanell mostly responsible for her death but said the cigarette maker was more than a third responsible and awarded damages. "This is an important decision that could impact many of the claims being brought in the Engle cases in Florida," said Murray Garnick, Altria client services senior vice president and associate general counsel. ""We believe this ruling will bar other Engle progeny claims." Garnick also said it was important that the court reaffirmed the four-year statute of limitations begins to run on the smoker when he knew or should have known that he was injured by smoking cigarettes. Recently Philip Morris USA said it had won or received mistrials in approximately two-thirds of its Engle cases to go to trial since the beginning of 2011. Altria Group shares were up 8 cents at $29.70 in recent trading. The stock has risen 20% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Altria (MO)
DateTimeHeadline
05/21/201317:04:13Lorillard Adds $500 Million to Share-Repurchase Program
04/25/201308:00:18Altria 1Q Net Rises 16% on Credit, Higher Prices
04/25/201307:54:05Altria First-Quarter Net Rises 16% on Credit, Higher Prices
04/24/201315:22:29Rising E-Cig Popularity Hurting Traditional Cigarette Demand
04/24/201308:00:03Lorillard 1st-Quarter Net Up 47% on Gain, E-Cigarettes Boost
04/04/201313:40:10Altria CEO's 2012 Pay More Than Doubled to $12.1 Million
04/04/201313:11:49Altria CEO Barrington's 2012 Pay More Than Doubled to $12.1 Million
04/02/201316:50:52California Tobacco Bond Sale a Hit With Investors
02/20/201312:13:13Philip Morris to Begin Next Round of Studies for New Products
02/14/201311:06:33Deal for Heinz Would Rank as Largest Food-Focused Company Takeover
01/31/201308:10:10Altria Profit Up 32% on Stronger Cigarette Volume
01/31/201307:58:35Altria 4th-Quarter Profit Up 32% on Stronger Cigarette Volume
12/18/201218:46:32Tobacco Companies Resolve Payment-Adjustment Disputes With 17...
11/30/201207:10:06Tobacco Producers Raise List Price on Cigarettes
11/29/201210:33:15Altria Leads Peers by Enacting New Price Increase on Cigarettes
11/14/201213:45:18Cigarette Price Increase Could Be on Horizon for Tobacco Firms
11/12/201216:51:18Reynolds American's New Products Should Bolster Bottom Line
10/25/201208:16:26Altria 3rd-Quarter Profit Down 44% on Debt Extinguishment Charge
10/24/201216:19:41Tobacco Producers Hiking Promotions in Fight for Market Share
10/23/201208:56:34Correction to Reynolds American 3rd-Quarter Earnings Story

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