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Article: Philip Morris fails to reach deal on lower appeal bond
- Article from:
- Chicago Sun-Times
- Article date:
- April 2, 2003
- Author:
CopyrightCopyright 2003 Chicago Sun-Times. (Hide copyright information)
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PHILIP MORRIS USA FAILED TUESDAY TO REACH A COMPROMISE TO REDUCE A
$12 BILLION BOND REQUIRED TO APPEAL A VERDICT AGAINST IT OVER
DECEPTIVE ADVERTISING.
Lawyers for Philip Morris met Tuesday with a plaintiff's attorney,
a mediator and representatives from the Illinois attorney general's
office Tuesday to try to agree on a smaller deposit that would be
proposed to state lawmakers.
No new sessions are scheduled, said Stephen Tillery, an attorney
representing the plaintiffs in the case.
Shares of Altria Group Inc., Philip Morris' parent company,
tumbled another $1.86 a share Tuesday, to $28.10. That adds to a 14