In a decision that participants said is not expected to impact the municipal bond market, a U.S. Appeals Court has thrown out an $800 billion class-action lawsuit against tobacco companies that make "light" cigarettes.

A three-judge panel of the U.S. Court of Appeals for the Second Circuit in New York ruled unanimously Thursday that the smokers could not file suit as a class, since it would be impossible to prove why all of the smokers in the class opted for light cigarettes. Instead, smokers of light cigarettes, who claim companies led them to believe they were safer than regular ones, must pursue legal action individually, the panel said.

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