Business Services Industry
Late News.(includes multiple briefs)
Business Insurance, May, 2003
Court tosses judgment in tobacco lawsuit A Florida appeals court has overturned a landmark $145 billion punitive damages judgment against tobacco makers, ruling that the decision was based on an illegal trial plan and that the award would bankrupt the companies. The court's ruling ordered the class of around 500,000 sick Florida smokers decertified.
The ruling overturns the 2000 jury verdict in the so-called Engle case, in which tobacco companies were ordered to pay $145 billion to smokers with tobacco-related illnesses. The jury had found that the tobacco industry misled the public about the dangers of smoking. ACE seeks to rescind D&O coverage ACE American Insurance Co. is suing to rescind excess directors and officers liability coverage it wrote for...
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