rose Friday afternoon on reports that a federal appeals court stayed a decision giving class-action status to lawsuits over light cigarettes.
reported that a U.S. appeals court will review a September ruling by district court judge Jack Weinstein. That ruling allowed the case, Schwab vs. Philip Morris USA, to proceed as a class action. The September decision hit Altria stock because investors worried it would delay the spinoff of its
The lawsuit argued that tobacco companies defrauded smokers into thinking light cigarettes were safer than regular cigarettes. The companies contended there was no way to tell how many people relied on the word light when choosing cigarettes, so smokers couldn't constitute a class.
Altria rose $1.42 to $84.99.