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July 7, 2006

$145 Billion Tobacco Verdict Tossed

The Florida Supreme Court refused to reinstate a $145 billion punitive damages award overturned three years ago by the state's appeals court.  Finding the punitive damages award "excessive as a matter of law," the court also stripped the case of its class action status.  However, the ruling did let stand some of the findings that formed the basis for liability and upheld compensatory damages awards to two individuals totalling nearly $7 million.  Former class members may still bring their individual claims against the tobacco companies.  See the Dow Jones story by William Spain and the story by Carl Jones and Rebecca Riddick in Daily Business Review.

JDP

July 7, 2006 | Permalink

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