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Tobacco: Companies Refocus Efforts as Litigation Cloud Lifts 

"The single biggest litigation threat has receded," said Martin Feldman, an analyst with Salomon Smith Barney. "But tobacco will remain a difficult social issue, and the residual litigation risk will be of concern to investors."

Mary Aronson, the president of Aronson Washington Research, which advises institutional investors on tobacco litigation risks, said that state lawsuits were just part of a "snowstorm" of legal problems that have fallen on the industry in recent years.

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