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RAI Ra International Group Plc

7.75
0.00 (0.00%)
17 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ra International Group Plc LSE:RAI London Ordinary Share GB00BDZV6W26 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 7.75 7.50 8.00 7.75 7.75 7.75 7,096 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gen Contr-indl Bldgs & Whse 58.29M 194k 0.0011 70.45 13.45M

CORRECT: Tobacco Cos Sue FDA Over Law's Authority

31/08/2009 9:31pm

Dow Jones News


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("=Tobacco Cos Sue FDA Vs Law's Authority Over Their Products," published at 3:44 p.m. EDT, had the wrong ticker symbol for Lorillard. The correct version follows.)

Tobacco companies including Reynolds American Inc. (RAI) and Lorillard Inc. (LO) filed a lawsuit against the U.S. and the Food and Drug Administration, saying that a June law imposed "unprecedented restrictions" on First Amendment rights.

"This suit does not challenge Congress' decision to give the FDA regulatory authority over tobacco products, nor does it challenge the vast majority of the provisions of the new law," said Martin L. Holton III, senior vice president and general counsel for R.J. Reynolds. "However, the law contains provisions that severely restrict the few remaining channels we have to communicate with adult tobacco consumers and, in our opinion, cannot be justified on any basis consistent with the demands of the First Amendment."

In June, legislation was passed by Congress, allowing for restrictions on advertising and packaging. Companies had spent millions of dollars since 1998 lobbying to block the bill. Cigarette makers have seen sales shrink in the past decade, and they have already been operating under some restrictions that were part of their 1999 settlement with 46 states.

The new law, though, was backed by Altria Group Inc. (MO), parent of industry leader Philip Morris. Critics of the bill said it would protect the company's No. 1 status.

R.J. Reynolds said Monday the plaintiffs are seeking to protect their First Amendment right to communicate with "adult tobacco consumers about their products." The plaintiffs allege the law contains "severe provisions restricting or banning truthful speech, contrary to the requirements of the First Amendment."

The suit was filed in federal court in Kentucky. A representative from the FDA declined to comment.

Reynolds American's shares were up a penny to $45.57 in recent trading, while Lorillard rose 0.3% to $72.33 amid an overall down day for equities.

 
   -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com 
 
 
 

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