No Tobacco Money Grab

The federal government's case against the tobacco industry seems all but dead now that the U.S. Court of Appeals for the D.C. Circuit has ruled out "disgorgement" of $280 billion in allegedly ill-gotten gains as a remedy under the RICO act's civil provisions. In light of today's ruling, the most likely outcome is a settlement that includes some token concessions on marketing practices. As I've said, you needn't think cigarette manufacturers are paragons of honesty to recognize the implausibility of the Justice Department's case and welcome its well-deserved demise.