As reported by CNN.com in "$10 billion class-action suit against Philip Morris tossed out," federal regulations do indeed shied companies from liability for the marketing and sale of inherently dangerous products, regardless of how misleading such marketing may be.
We should all be grateful that only a few categories of such products have this kind of protection. We should also be grateful that most people today understand the health risks of smoking. It would be nice to pass this knowledge on to our children.