US court judgement dampens tobacco litigation risk

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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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