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Subject: Philip Morris fine slashed to $28M Author: marlboro man [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 18:06:00 12/18/02 Wed Philip Morris fine slashed to $28M California judge cuts jury award against the cigarette heavyweight to $28M from $28B. December 18, 2002: 8:37 PM EST LOS ANGELES (Reuters) - A California judge on Wednesday slashed a record $28 billion jury award against cigarette maker Philip Morris Cos. to a comparatively paltry $28 million, calling the punitive damages "legally excessive." A jury ordered the No. 1 tobacco company in October to pay $28 billion in damages to 64-year-old Betty Bullock, a woman suffering from terminal lung cancer who blamed the company for failing to warn her of the risks of smoking. In a written ruling, Judge Warren Ettinger, of California Superior Court for Los Angeles County, said he would order a new trial on the punitive damages if Bullock chooses to turn down the reduced judgment. Philip Morris (MO: up $0.13 to $41.33, Research, Estimates) officials were not immediately available for comment. The previous record for punitive damages had been $3 billion awarded by a Los Angeles jury last year to Richard Boeken, a smoker who later died. A judge eventually reduced that award to $100 million. [ Next Thread | Previous Thread | Next Message | Previous Message ]