Philip Morris Cos. has agreed to pay $105 million to settle shareholder claims that it made misleading statements about the addictive qualities of cigarettes.
Friday's settlement will benefit shareholders who bought stock in the No. 1 tobacco maker between June 11, 1991, and May 6, 1994. The deal, which also settles another lawsuit involving some of the same stock purchases, must still receive court approval.The company said it settled the class-action suit to halt the expense, inconvenience and distraction of continued litigation. Philip Morris continues to deny any liability involving the lawsuit's claims.