Word: settlements
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...attorneys general of the states that won the settlement could hardly contain themselves. "This is the beginning of the end for this conspiracy of lies and deceptions that have been perpetuated on the American public by the tobacco companies," said Arizona's Grant Woods, who brought one of the first state suits that aim to recoup billions of dollars in Medicaid money spent on illnesses related to smoking. Attorney general Hubert ("Skip") Humphrey III of Minnesota emphasized the battles ahead: "This is like busting a street drug dealer to get the Colombia cartel. We are very serious about going ahead...
...more than anything provide a push for the other companies to settle. Investors believe lifting the threat of costly litigation would send the valuation of tobacco rocketing skyward -- Philip Morris stock rose $6 in February on rumors that a deal might be near. Wall Street seemed pleased by the settlement news: Brooke Group, the parent company of Liggett, rose 5/8 to 47/8, while Philip Morris tumbled 61/8 to 1157/8 and RJR Nabisco fell 3/4 to 311/2. But Philip Morris won't be following Liggett's lead, at least until the company decides that it's share of the some...
...Jordanian soldier last Thursday. Hussein's diplomacy may prove to be more effective at healing feelings than at changing Israeli policy. After a two-hour private meeting with the Jordanian leader, Benjamin Netanyahu announced his government's determination to proceed with construction of a 6,500-unit housing settlement in east Jerusalem. The initial announcement of the settlement plans sparked an angry response from Hussein last week and prompted Yasser Arafat to cut off all communication with Netanyahu. Arafat had also warned of renewed Palestinian violence if Israel proceeds with construction on the Jewish settlement. That comment in turn brought...
Tobacco investors have made it clear how badly they want a settlement. Late last month, for example, rumors swirled about a settlement under which tobacco companies would pay the hefty sum of $10 billion a year--more than the industry currently earns. Philip Morris stock promptly rose $6, creating $5 billion of market value and sending up a smoke signal so dense that even the long-in-denial tobacco industry had to notice. The burning question is this: If the market is ready to embrace such a costly settlement--and antitobacco forces, realizing they're getting nowhere fast in their...
...Jordanian soldier last Thursday. Hussein's diplomacy may prove to be more effective at healing feelings than at changing Israeli policy. After a two-hour private meeting with the Jordanian leader, Benjamin Netanyahu announced his government's determination to proceed with construction of a 6,500-unit housing settlement in east Jerusalem. The initial announcement of the settlement plans sparked an angry response from Hussein last week and prompted Yasser Arafat to cut off all communication with Netanyahu. Arafat had also warned of renewed Palestinian violence if Israel proceeds with construction on the Jewish settlement. That comment in turn brought...