Los Angeles, Oct 05: A Los Angeles jury on Friday ordered Philip Morris to pay a record $28 billion in damages to a 64-year-old woman suffering from terminal lung cancer who blamed the tobacco giant for failing to warn her of the risks of smoking. Philip Morris said it would appeal the massive judgment, calling it "inconsistent with the evidence and applicable law."

The company said it would ask the court to set aside the verdict and order a new trial, or, failing that, to reduce the massive jury award, which ranked as the largest ever to an individual in US history. If denied, the company said it would appeal.

Philip Morris shares fell sharply, closing down over 7 per cent to their lowest level since December 2000 and pulling other tobacco stocks and the Dow Jones industrial average lower.
The Los Angeles jury deliberated for about a day and a half in the punitive damages phase of the trial after hearing testimony on the market value of Philip Morris, which had been above $80 billion before Friday's rout and still ranks as one of the top 20 US companies by market capitalisation. Bureau Report