Bloomberg just reported that e-cigarette maker Juul Labs 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 familiar with the matter.
In a press release, Juul said the settlements “represent a major step toward strengthening Juul Labs’ operations and securing the company’s path forward to fulfill its mission to transition adult smokers away from combustible cigarettes while combating underage use.”
The lawsuits were filed against Juul Labs and its officers and directors, and the settlement resolves claims of personal injury, consumer class action, government entity, and Native American tribes.
The company said that it cannot disclose the amount of the settlement at this time due to the court process, but noted that it has “secured an equity investment to fund the resolution.”
“Over the past year, Juul Labs also has settled with 37 states and territories, and we remain in ongoing discussions with other key stakeholders to resolve the remaining litigation,” the company said.
The latest settlement comes after Juul in September said it would pay $438.5 million to 34 states and territories as part of its “ongoing commitment to resolve issues from the past.”