The court says the award was excessive, while agreeing with a lower court that it is a mistake to allow smokers the ability to file class action lawsuits.
It did, however, let stand several individual judgments against big tobacco.
The Florida Lung Association says the ruling maintains a finding that big tobacco preyed on smokers for years.
Brenda Olsen of the Florida Lung Association said, "What the suit leaves in place is the ability for thousands of Floridians to move forward and sue the tobacco industry for their decades of deceit and for the harmful effects of cigarette usage."
Atria, the parent company of Philip Morris, says it is still considering whether to appeal the high court’s ruling.