Vaping giant ordered to pay $1.2 billion in damages
Bloomberg reports that e-cigarette maker Juul Labs has agreed to pay $1.2 billion to settle about 10,000 lawsuits that see it as a leading cause of the youth smoking epidemic in the United States, people said. are familiar with the matter.
In a press release, Juul said the settlements “represent an important step toward strengthening Juul Labs' operations and securing the company's path to fulfilling its mission to keep adult smokers away from fuel-based cigarettes and combat 'use by minors'.
Lawsuits have been filed against Juul Labs and its officers and directors, and the settlement resolves claims for personal injury, consumer class action, government entities and Native American tribes.
In reality, the negotiations have been going on for some time and with a plurality of counterparties: "Over the past year, Juul Labs has also reached agreements with 37 states and territories and we are still in talks with other interested parties to resolve the remaining disputes" the company said. Indeed, the latest deal comes after Juul said in September it would pay $438.5 million to 34 states and territories as part of its "continuing effort to resolve past issues."
The settlement followed a two-year investigation into the marketing and sales practices of high-nicotine vaping products following the rise of vaping among teenagers. The investigation found that the company had been advertising its e-cigarettes to underage boys through launch parties, product giveaways and social media ads featuring young models, officials said.
At the time, Juul said in a statement that it was “remaining focused on the future, as we work to fulfill our mission to keep adult smokers off cigarettes, the number one cause of preventable death, while at the same time combating of minors".
The company also said it has appealed the Food and Drug Administration's (FDA) decision to withdraw its products from stores in the United States due to concerns about toxicity levels, noting that the appeal was based on "science and evidence".
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The article Vaping giant sentenced to pay 1.2 billion dollars in damages comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/colosso-del-vaping-condannato-a-pagare-12-miliardi-di-dollari-di-danni/ on Sat, 10 Dec 2022 09:26:24 +0000.