A First-Ever Default Shakes an $80 Billion Corner of Muni Market

A woman smokes a cigarette in New York, U.S., on Monday, June 28, 2010. The U.S. Supreme Court rejected the Justice Department's bid for as much as $280 billion in tobacco company profits, refusing to hear an Obama administration appeal. Altria Group Inc. and Reynolds American Inc., the largest cigarette makers, surged on the news.