Thursday, April 24, 2003
Lawyer in IL tobacco case wants Philip Morris "dividends" paid over to the court
Virginia law issues took center stage in the continuing drama of the Illinois tobacco case, where the plaintiff's counsel claimed that the company was making illegal payments to its parent company, arguing that the money should go instead to the appeal bond, as reported here. An expert witness from Harvard testified that under Virginia law, a dividend is illegal if the corporation's liabilities exceed its assets, and that such is the case with Philip Morris.
Posted by Steve Minor at 11:05 PM