Word: rjr
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...attorneys general talked as though they had just cured cancer, in truth they may have done the next best thing. They forced the tobacco industry to concede, in so many grudging words and so many, many more dollars, that cigarettes are a deadly regimen. The companies--Philip Morris Companies, RJR Nabisco Holdings Corp., B.A.T. Industries PLC's Brown & Williamson and Loews Corp.'s Lorillard--reached a resolution with the attorneys general of nearly 40 states in which the industry will pay out $368.5 billion over the next quarter-century in compensation, drastically alter their marketing programs and submit...
Eventually, Moore found himself talking to a fellow lawyer--RJR's CEO Steven Goldstone, who before taking over the company was its general counsel and a litigator at the New York law firm of Davis Polk & Wardwell. Negotiated settlements were not unknown to him, and Moore had made it clear that the talks could not proceed without tobacco's top officers. Goldstone soon persuaded Philip Morris CEO Geoffrey Bible to have a sit-down with the opposition...
...CAMEL No more lurking around the playground. FTC says RJR is just blowing smoke about not targeting kids...
...Liggett Group, smallest of the U.S.'s Big Five cigarette makers, broke ranks in March and conceded not only that tobacco is addictive but also that the company has known it all along. While RJR Nabisco and the others continue to battle in the courts--insisting that smokers are not hooked, just exercising free choice--their denials ring increasingly hollow in the face of the growing weight of evidence. Over the past year, several scientific groups have made the case that in dopamine-rich areas of the brain, nicotine behaves remarkably like cocaine. And late last week a federal judge...
JACKSONVILLE, Florida: Tobacco stocks soared minutes after a Florida jury found R.J. Reynolds not responsible for the death of lifelong smoker Jean Connor. Just thirty minutes after the verdict was announced, giants Philip Morris and RJR Nabisco had gained a whopping ten percent in value. Nervous investors had shunned tobacco stocks until the decision was announced: RJR Nabisco was trading as low as $28.37 1/2 before finishing the day up $3.12 1/2 at $32.62 1/2, while Philip Morris bottomed out at $37.87 1/2 and then went up $4.25 at $44.12 1/2. Investors hope that the decision will strengthen the industry...