Juul agrees to pay $1.2 billion in youth vaping settlement: Bloomberg

(Reuters) — Juul 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 U.S. youth vaping epidemic, Bloomberg News reported Friday, citing people familiar with the matter.

Last week, Juul said it had settlements with about 10,000 plaintiffs covering more than 5,000 cases in California. The company chose not to disclose the settlement amount as part of the court process in the federal multidistrict litigation.

In a statement Friday, Juul did not comment on the terms of the settlement.

Juul, which is partly owned by Marlboro maker Altria Group Inc., had agreed in September to pay $438.5 million to settle claims from 34 U.S. states and territories that said the company downplayed its products' risks and targeted underage buyers.

The settlement comes a month after the once red-hot vaping company secured an investment from some of its early investors that would help it stay in business.

Juul's e-cigarettes were briefly banned in the United States in late June by the U.S. Food and Drug Administration, but the ban was put on hold following an appeal. The health regulator also agreed to an additional review of the company's marketing application.