Philip Morris Bond Hiked Back Up to $12 Mill
Edwardsville, Illinois – A Madison County judge today ordered the Philip Morris tobacco company to post a $12 billion bond before it can appeal a recent consumer fraud judgment.
Judge Nicholas Byron initially lowered the bond, but an Illinois appeals court said he did not have the authority to do so.
Philip Morris attorney John Muelderig says he wants the state supreme court to settle the matter.
"What's up on appeal is whether or not judge Byron has discretion under the bond. That is the issue, so it is framed for the supreme court to consider," Muelderig said.
In April, Byron found the company had falsely marketed "light" cigarettes. He ordered the company to pay $10.1 billion.