Tobacco update

US$3bn punitive damages jury award reduced to US$100mn by Los Angeles trial judge Charles McCoy. Philip Morris had sought that the verdict, based on deception of customers regarding the risks of smoking, be set aside and a new trial ordered, or that damages be reduced to US$25mn. (That was in line with indications from the US Supreme Court that an appropriate ratio between compensatory and punitive damages was four to one.) Compensatory damages in this case were set at US$5.5mn.