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Altria Group Lowers Earnings Expectations After Phillip Morris Ordered To Pay Millions In Oregon (NYSE: MO)
Altria Group Inc. said it would lower its full-year earnings expectations after subsidiary Philip Morris USA was ordered to pay 60% of a $79.5 million award to Oregon. Oregon law states that 60% of punitive damage awards must go into to a state fund for crime victim compensation. The Supreme Court’s ruling reversed a lower court decision on the matter.
The tobacco company has been involved...