Picked up some shares yesterday...Yield closing in at 6% and this news the stock will not be here for long..
R.J. Reynolds Tobacco Company Wins Appeal in 'Lights' Case
WINSTON-SALEM, N.C., April 3, 2008 /PRNewswire-FirstCall/ -- The 2nd U.S. Circuit Court of Appeals today reversed a lower court's ruling in a 'lights' class-action suit brought against cigarette makers, decertifying the nationwide class in Schwab.
In its ruling, the court stated: 'Because individual issues outweigh issues susceptible to common proof, the class is not maintainable ... '
'We are certainly pleased with the court's ruling and agree with its reasoning,' said Martin L. Holton III - general counsel for R.J. Reynolds Tobacco. 'Numerous courts across the country have held that claims such as these simply cannot be tried as class actions.'
R.J. Reynolds Tobacco Company, an indirect subsidiary of Reynolds American Inc. (NYSE: RAI), is the second-largest tobacco company in the United States, manufacturing about one of every three cigarettes sold in the country. The company's brands include five of the 10 best-selling U.S. cigarette brands: Camel, Kool, Pall Mall, Winston and Doral. For more information, visit www.RJRT.com.
SOURCE R.J. Reynolds Tobacco Company
Source: PR Newswire (April 3, 2008 - 1:25 PM EDT)
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