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. Last Updated: 07/27/2016

Tobacco Law Stands

WASHINGTON -- The U.S. Supreme Court said Monday it would not hear the tobacco industry's challenge to a law making the industry liable for state funds used to treat tobacco-related illnesses.

The U.S. highest court's decision means a Florida Supreme Court decision to uphold the law stands for now. The news sent tobacco shares down sharply.

"This decision ... is not a ruling on the merits of our constitutional challenge and does not in any way affect our ability to seek a review in the future," said Gregory Little, senior assistant general counsel for tobacco company Philip Morris.