Tobacco Exec Predicts Price Hike June 14, 2000
News Summary
The leaders of the nation's top tobacco company said cigarette prices would go up if the jury makes a big punitive-damages award in the Florida sick-smokers' trial, the Associated Press reported June 14.Michael Szymanczyk, president and chief executive officer of Philip Morris, told the jury that the company would have to raise cigarette prices if ordered to pay a damage award. "There's no bank in the world that will loan us money, pending resolution of cases like this," he said. "To pay the money, you have to collect it from somewhere."
The jury, which earlier awarded $12.7 million in compensatory damages, is now hearing testimony to determine punitive damages. Szymanczyk also said the company, and its web site, are dedicated to educating people about smoking, not recruiting new smokers.
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