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CNN Live At Daybreak

1.5 Million Louisiana Residents in Suit vs. Tobacco Firms

Aired July 22, 2003 - 06:47   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for some business buzz right now. The battles continue for tobacco companies.
Let's find out more from Carrie Lee at the Nasdaq site. So let's head live back to New York.

Good morning -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.

A class action suit against big tobacco companies is now expected to reach its closing statements in a Louisiana state court tomorrow. Now 1.5 million Louisiana residents are asking the state to force the tobacco industry to pay for the medical monitoring for healthy smokers. Also, they want the tobacco firms to sponsor some quit smoking programs.

Now the defendants include R.J. Reynolds, Philip Morris and Brown & Williamson. The tobacco companies are arguing that there is no need for more quit smoking campaigns and that the need for routine health monitoring is questionable. There wouldn't be any individual payouts in this case, but it still could cost the industry big bucks.

Just to put this in context, Carol, a smaller case in West Virginia had an estimate price tag of hundreds of millions of dollars to settle. So big bucks here. Just the latest legal challenge for big tobacco.

COSTELLO: All right. Carrie Lee reporting live from the Nasdaq site in New York.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com







Aired July 22, 2003 - 06:47   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for some business buzz right now. The battles continue for tobacco companies.
Let's find out more from Carrie Lee at the Nasdaq site. So let's head live back to New York.

Good morning -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.

A class action suit against big tobacco companies is now expected to reach its closing statements in a Louisiana state court tomorrow. Now 1.5 million Louisiana residents are asking the state to force the tobacco industry to pay for the medical monitoring for healthy smokers. Also, they want the tobacco firms to sponsor some quit smoking programs.

Now the defendants include R.J. Reynolds, Philip Morris and Brown & Williamson. The tobacco companies are arguing that there is no need for more quit smoking campaigns and that the need for routine health monitoring is questionable. There wouldn't be any individual payouts in this case, but it still could cost the industry big bucks.

Just to put this in context, Carol, a smaller case in West Virginia had an estimate price tag of hundreds of millions of dollars to settle. So big bucks here. Just the latest legal challenge for big tobacco.

COSTELLO: All right. Carrie Lee reporting live from the Nasdaq site in New York.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com