US court judgement dampens tobacco litigation risk
The smokescreen of tobacco litigation has cleared somewhat with the reversal of the Engle case. Sentiment towards the sector has softened and this positive trend looks to continue
The US tobacco industry’s fortunes are burning brighter after Florida’s Third District Court of Appeal reversed the $145 billion verdict in the Engle class action case. For investors this brings some relief from litigation risk that has overwhelmed the tobacco giants Philip Morris, RJ Reynolds and BAT.
“ It is an extremely positive development for the industry,” says Bob Buhr, credit analyst at Citigroup. “The ruling could not have been stronger in terms of the fundamental problems the trial
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