A Big Break For Big Tobacco Proposed In Florida
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Big Tobacco may be receiving a shield from the Florida legislature.
Right now there are about 8,000 sick smokers, former smokers, or survivors of smokers, who have sued the tobacco industry for making misleading claims and fraudulently marketing their product for years.
On Tuesday in Tallahassee, lawmakers granted a wish that lobbyists for Big Tobacco have wanted for some time. It caps the bonds they would have to set aside in case they lose those lawsuits. Putting up a bond is a condition that must be met before a company can appeal.
This was very good news for Philip Morris, R. J. Reynolds, Tobacco and Lorillard. With less money on the table, Big Tobacco can more easily wait out the fate of a plaintiff, who unfortunately, as a sick smoker, is usually facing a mountain of health problems. Wait long enough and the plaintiff dies. Wait even longer and their spouse dies. That means the case dies.
We can thank the bills promoters - House Finance and Tax Council Chairwoman Ellyn Bogdanoff and Melbourne Republican Sen. Mike Haridopolous- friends of Big Tobacco who were worried that the huge corporations might undergo financial uncertainty with a lot of cash held up.
Dont worry- the big three have branched out into other businesses, both domestically and internationally, and reportedly made more than $80 billion last year.
They were also concerned that Big Tobacco might claim it couldn’t pay the annual $205 million to the state as part of the 12-year-old landmark tobacco settlement.
It’s a real concern. If the first case is any indication, Big Tobacco would have to shell out about $45 billion in bond money.
But the law is not needed. A lawyer for Reynolds can ask a judge to reduce a bond, providing them the relief they seek. Let's hope the legislature sees the error in these bills.