»Read Standard Version«
Juul Labs has agreed to pay $1.2 billion to settle approximately 10,000 lawsuits accusing it of being a significant cause of a juvenile vaping crisis in the United States, Bloomberg News reported on Friday, citing people familiar with the situation.
Juul announced settlements with around 10,000 plaintiffs including over 5,000 instances in California last week. The company chose not to publish the settlement amount as part of the federal multidistrict litigation court proceedings.
Friday, Juul did not comment on the specifics of the settlement in a statement.
Juul, which is partially owned by Marlboro manufacturer Altria Group, agreed in September to pay $438.5 million to settle allegations from 34 U.S. states and territories alleging that the firm minimized the risks of its products and targeted minors.
The deal was reached a month after the once-booming vaping startup got an investment from some of its earliest investors to help it remain in business.
The Food and Drug Administration briefly banned Juul’s e-cigarettes in the United States in late June, but the prohibition was lifted after an appeal. In addition, the health authority agreed to conduct a second examination of the company’s marketing application.
»Here’s how much Juul will pay to settle 10,000 youth-vaping complaints«