Law firm will not oppose Kraft spin off
Headline News
A law firm that is suing the tobacco industry over the marketing of "light" cigarettes said Wednesday it will not oppose plans by Philip Morris USA''s parent company, Altria Group Inc., to spin off its Kraft Foods business.
The law firm Cohen, Milstein, Hausfeld and Toll has filed a class action suit against several tobacco companies in Federal District Court in Brooklyn, alleging they deceived smokers about the safety of their "light" cigarettes.
Attorney Michael Hausfeld previously said he would consider filing an injunction to stop Altria from divesting Kraft if it would leave the company unable to pay the $200 billion in damages he is seeking for his clients.
Hausfeld''s firm said Wednesday that the spinoff could actually strengthen Altria financially, and thus "may prove in the best interests of our clients."
New York City-based Altria Group Inc. plans to spin off packaged food maker Kraft next week. Altria currently owns 88.9 percent of Kraft''s outstanding shares.
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