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Philip Morris Among Companies Affected by Arbitrator Ruling

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At a glance:

Philip Morris USA was among the tobacco companies that could benefit from an arbitrator's ruling which says that restrictions on advertising have contributed to the significant decline in their market share of sales.
 
This paves the way for the companies to cut their payment to the states under the 1998 tobacco settlement.
 
However the states still need to prove that they enforced escrow payments from companies not covered by the settlement.

Philip Morris, Reynolds Win Arbiter's Tobacco Ruling

Bloomberg - 3/28/2006 10:52 AM

Tobacco companies including Philip Morris USA and Reynolds American Inc. won an arbiter's ruling that may allow them to reduce $1.2 billion in payments to states under a 1998 health care settlement.
 
The Brattle Group, a consulting firm hired by the states and cigarette makers, ruled advertising restrictions imposed by the accord have been a "significant factor" in reducing manufacturers' market share, according to a statement today from the National Association of Attorneys General in Washington.
 
Cigarette makers may use the decision to withhold what they owe states under a provision that allows them to adjust payments based on market share. The companies may also negotiate changes in the settlement with state attorneys general, Citigroup Inc. analyst Bonnie Herzog wr
 
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