Juul Labs has reached settlements covering more than 5,000 cases brought by about 10,000 plaintiffs related to its vaping products.
FILE - Juul products are displayed at a smoke shop in New York, on Dec. 20, 2018. Embattled vaping company Juul Labs announced layoffs Thursday, Nov. 10, 2022, as the company tries to weather growing setbacks to its electronic cigarette business, including lawsuits, government bans and increasing competition.
Buffeted by lawsuits, Juul announced hundreds of layoffs last month and bankruptcy appeared increasingly likely as it secured financing to continue operations. Then, in September, the San Francisco company agreed to pay nearly $440 million to settle a two-year investigation by 33 states into the marketing of its high-nicotine vaping products.
Altria pulled its own e-cigarettes off the market in 2018 after taking a nearly $13 billion stake in Juul. But that investment has lost more than 95% of its value as Juul’s prospects have dimmed, giving Altria the option to exit its non-compete agreement.
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