Philip Morris punitive damages ruling [US SC] News
Philip Morris punitive damages ruling [US SC]

Philip Morris USA v. Williams, US Supreme Court, February 20, 2007 [ruling overturning a $79.5 punitive damages verdict against Philip Morris USA because the verdict amounted to a taking of property without due process]. Read the court's opinion [text] per Justice Breyer, along with a dissent [text] from Justice Stevens, a second dissent [text] from Justice Thomas and a final dissent [text] from Justice Ginsburg. Reported in JURIST's Paper Chase here.

THIS DAY @ LAW

Standard Oil incorporated

On January 10, 1870, John Davison Rockefeller incorporated Standard Oil. Rockefeller's corporation would grow to achieve a virtual monopoly over oil production in the United States. Standard Oil's dominance lasted until the corporation was split into 34 separate companies in 1911 after the Supreme Court found the company in violation of the Sherman Anti-Trust Act. The rise of Standard Oil made Rockefeller America's first billionaire and eventually the richest man in the world. Read the text of Standard Oil Co. of New Jersey vs. United States, 221 U.S. 1 (1910).