Story by Mario Tama/Getty Images
Troubled vape maker JUUL Labs (JUUL) announced it had reached a settlement with thousands of lawsuits Tuesday evening.
The company said the establishment of federal multidistrict litigation is included in the United The United States District Court for the Northern District of California represents a global settlement involving “more than 5,000 lawsuits brought by approximately 10,000 plaintiffs against Juul Labs and its officers and directors.”
“Over the past year, Juul Labs has settled with 37 states and territories and we continue to negotiate with other stakeholders to resolve the remaining cases,” the company said. “As the company announced in November, Juul Labs has taken steps to stabilize its business and address past issues.”
Terms of the deal have not been disclosed. In a previous settlement to settle a youth marketing lawsuit that spanned 33 years, the company agreed to pay $438.5M.
Amid the ongoing lawsuits, vape-related company Altria ( MO ) reportedly avoided filing for bankruptcy in early November.
