The e-cigarette maker faced more than 8,000 lawsuits. This week’s settlement resolves most of those cases, which had been consolidated in a California federal court.
By Michelle Chapman and Matthew PerroneJuul Labs Inc. has agreed to pay $1.2 billion to resolve about 10,000 lawsuits targeting the e-cigarette maker as a major cause of a US youth-vaping epidemic, according to people who spoke to Bloomberg News.
Buffeted by lawsuits, Juul announced hundreds of layoffs last month and bankruptcy appeared increasingly likely as it secured financing to continue operations. Attorneys for the plaintiffs said in a statement the deal would “put meaningful compensation in hands of victims and their families,” and provide schools and local governments with funding for anti-vaping education programs. A judge is expected to soon review and approve the settlement.
Amid the backlash of lawsuits and government sanctions, Juul dropped all U.S. advertising and discontinued most of its flavors in 2019. That same month the company’s largest investor, tobacco giant Altria, announced plans to resume competing on its own in the e-cigarette space.
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