Philip Morris Takes Racketeering Case To Supreme Court (PM, MO)

Philip Morris (NYSE: PM), a unit of Altria Group Inc. (NYSE: MO), has asked the Supreme Court to overturn a ruling that had insinuated that the tobacco industry violated federal racketeering laws. The filing with the high court marks the latest round in the long drawn out legal fight.

Philip Morris (PM) manufactures Marlboro and other noted cigarette brands. Philip Morris seeks the overturning of a federal appeals court ruling which had upheld the earlier findings that the tobacco industry had deceived the public about the dangers of smoking. The Obama administration is also expected to file an appeal. The government is seeking billions from the industry.