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Article: No Deal for Philip Morris in Illinois Case; Suit Risks North Carolina's Cash.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 10, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Tony Mecia, The Charlotte Observer, N.C. Knight Ridder/Tribune Business News
Apr. 10--A tobacco lawsuit in Illinois could imperil tens of millions of dollars in economic development and health-care money in the Carolinas -- as well as blow a $20 million hole this year in North Carolina's budget.
Last month, an Illinois judge ordered Philip Morris USA to post a $12 billion bond to appeal a verdict in a class-action case over deceptive advertising of "light" cigarettes. But if the largest U.S. cigarette maker pays the money to appeal, it says it will not be able to pay the $2.5 billion it owes to the states next week under the terms of a 1998 ...