ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, March 12, 1997 TAG: 9703120074
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
DATELINE: NEW YORK
SOURCE: BLOOMBERG NEWS
But the company and its rivals have denied participating in direct talks and generally declined to comment further.
Philip Morris Cos. might join talks to settle health-related lawsuits, the company said in an annual filing with the U.S. Securities and Exchange Commission.
The world's largest cigarette maker ``may enter into discussions with appropriate parties,'' it said in its 10-K filing Tuesday. ``Were that to happen, the company would not contemplate making any further comment as to the existence or progress of any such discussions.''
Philip Morris and other tobacco companies face 22 lawsuits by states seeking reimbursement for billions of taxpayer dollars spent treating smoking-related illnesses.
Anti-tobacco attorneys and tobacco company representatives are in early talks to reach a settlement for as much as $250 billion that would include congressional legislation, according to people familiar with the talks.
Philip Morris said forging a legislative solution would involve ``significant, and perhaps insurmountable, difficulties in reconciling the views of many competing interests.''
The New York-based maker of Marlboro cigarettes said it also believes it has ``valid defenses'' to the smoking and health cases.
Philip Morris and its rivals have denied participating in direct talks and generally declined to comment further. The reports have pushed up tobacco stocks, since even a costly settlement would remove the fear of a massive verdict.
Tobacco companies recently hired two politically connected Washington law firms to evaluate settlement proposals.
LENGTH: Short : 43 linesby CNB