March 4, 2019 / 8:26 AM / 3 months ago

BUZZ-Tobacco cos under pressure as Quebec court upholds class action ruling

** Shares of tobacco cos fall after Quebec appeals court upholds C$15 bln tobacco class action ruling

** British American Tobacco down 1.5 pct, Imperial Brands down 0.3 pct and Japan Tobacco Inc down 1.2 pct

** Court of Appeal of Quebec upheld last week the bulk of a 2015 decision that awarded around C$15 billion ($11.28 billion)to smokers in the Canadian province

** Judgment involves class action suits that were consolidated against Canadian units of BATS, Philip Morris International & Japan Tobacco International, known respectively as Imperial Tobacco Canada Ltd, Rothmans, Benson & Hedges Inc (RBH) and JTI-Macdonald Corp

** “It remains likely that Canada’s Supreme Court will take the case given that it is a CAD$15.6b lawsuit,” said Liberum analysts, adding that govt “enjoys ample tax revenues from the tobacco industry and the illicit trade remains a far greater enemy of public health officials”.

$1 = 1.3296 Canadian dollars Reporting by Tanishaa Nadkar in Bengaluru

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