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Altria, RJR rise on court decision
Shares in major tobacco companies climb following a favorable ruling on $280B racketeering lawsuit.
June 28, 2004: 10:59 AM EDT

NEW YORK (CNN/Money) - Shares of major tobacco companies rose sharply on Monday following a favorable court decision.

The judge in the U.S. Justice Department's $280 billion racketeering lawsuit against major tobacco companies on Friday agreed to allow an appeals court to review one of her decisions, Altria Group Inc.'s Philip Morris USA unit said.

The nation's largest tobacco maker said U.S. District Judge Gladys Kessler will let a court review her decision to allow the government to pursue its bid to force the companies to give up profits they earned in the past. The appellate court does not have to grant the review, according to a Philip Morris spokesman.

The suit filed by the Clinton administration in 1999 is scheduled to go to trial in September. It accuses tobacco companies of deliberately misleading the public about the risks of smoking in a conspiracy going back to the 1950s.

The government has brought claims against Philip Morris USA and its parent, Altria Group Inc. (MO: up $2.87 to $50.67, Research, Estimates); R.J. Reynolds Tobacco Co., the main unit of R.J. Reynolds Tobacco Holdings Inc. (RJR: up $1.54 to $68.38, Research, Estimates); the Lorillard Tobacco unit of Loews Corp. (LTR: up $0.50 to $60.55, Research, Estimates), which has a tracking stock, Carolina Group (CG: up $0.52 to $24.79, Research, Estimates); British American Tobacco Plc's Brown & Williamson Tobacco unit; and Liggett Group of Vector Group Ltd. (VGR: down $0.14 to $16.27, Research, Estimates).  Top of page


-- Reuters contributed to the story




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.