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NEWS: Supreme Court Denies U.S Government's Claim Of $280billion Penalty

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posted on Oct, 17 2005 @ 09:58 AM
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The U.S Supreme Court has rejected a bid by the Justice Department to review an appeals court decision. The appeals court barred the U.S government from seeking $280billion worth of past tobacco industry profits as penalty for alleged racketeering. The appeals court ruled that the racketeering law only allows for forward-looking remedies to prevent future violations.
 



news.yahoo.com
WASHINGTON (Reuters) - The U.S. Supreme Court rejected on Monday the government's appeal aimed at reinstating a potential $280 billion penalty in its landmark racketeering case against cigarette makers.

Without comment, the justices denied a request by the Justice Department to review a U.S. appeals court ruling that barred the government from seeking $280 billion in past tobacco profits as a legal remedy for decades of alleged fraud by the tobacco industry.

Targeted in the lawsuit are Altria Group Inc. and its Philip Morris USA unit; Loews Corp.'s Lorillard Tobacco unit, which has a tracking stock, Carolina Group; Vector Group Ltd.'s Liggett Group; Reynolds American Inc.'s R.J. Reynolds Tobacco unit and British American Tobacco unit British American Tobacco Investments Ltd.


Please visit the link provided for the complete story.


The tobacco industry can breathe easy (sorry!) now that the threat of $280billion worth of penalties no longer exists. The Supreme Court has denied the U.S government more than a quarter of a trillion dollars in public restitution for the shady dealings of the tobacco industry.

Either the Supreme Court is extremely annoyed with the Federal Governments latest Justice replacements or the tobacco industry has very, very powerful friends. Im not surprised the ruling was handed down without a comment from any of the Justices. They know how fuming (again sorry!) the United States government will be over this decision. Can you imagine what the Bush administration could do with all that money? It would almost pay for the next Shock And Awe show when the Iranians run out of wiggle room at the UN.

[edit on 17/10/05 by subz]



MBF

posted on Oct, 17 2005 @ 10:01 PM
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The tobacco industry has been taking the farmers for a ride for many years. There was NOT a true auction system for many decades. In 1980, we sold our entire crop for $2.05/lb., last year I sold my best tobacco for $1.96/lb. Since 1980, our input costs have increased to about 5 times what they were in 1980. What most people don't know is that there is only about $.03 worth of tobacco in a pack of cigaretts at the most.



posted on Oct, 17 2005 @ 11:51 PM
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Lawyers and apparently the government are soaking the tobacco industry for selling a legal product. I no longer smoke and I'm convinced that smoking cigarettes is just about the dumbest behavior in all the world. When anyone can claim in a court of law that he was unaware of the risks of smoking, something is seriously wrong. Regardless of what the tobacco industry might say, that cigarettes are deadly has been widely accepted for about one hundred years and for about forty years every pack of cigarettes sold in the US has carried a health warning from the Surgeon General.

The problem with the outrageous claims against the tobacco industry is that the only people who really make out are the lawyers and the cost is not paid by the tobacco industry, but by the addicted consumers.

Those who advocate for the legalization of drugs should take a look at the tobacco industry and the government. When hundreds of thousands of lives are destroyed by a legal industry, the same thing that is happening to tobacco will happen to the drug manufacturers and that bag of dope that costs $50. will cost three or four times that.

Whatever the answer is to the drug problem in the US, including tobacco and alcohol, the answer is not soaking the industry and the consumers.


[edit on 2005/10/18 by GradyPhilpott]



posted on Oct, 18 2005 @ 12:52 AM
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My Phillip Morris stock got a nice bounce too. Oh don't look so shocked if any of you have mutual funds, you most likely own the company too. The bottom line if you took down the Tbaco companies with this pie in the sky demand for all this money, our retierment plans would suffer.



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