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Juul settles over 5,000 lawsuits, settlements have not been made public




Juul Labs announced that it has reached a settlement covering more than 5,000 lawsuits and about 10,000 individual plaintiffs, ending legal uncertainty for the e-cigarette company.

Financial terms were not disclosed.

Juul said Tuesday it had secured an equity investment to cover the costs of the settlement, according to the Wall Street Journal.

Juul has been in talks with investors, including longtime board members Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani, about a financial bailout, first reported by the Journal.

JUUL IS DISCUSSING A POSSIBLE BAILOUT WITH TWO OF ITS BIGGEST INVESTORS

Juul settles over 5,000 lawsuits, settlements have not been made public

Juul products are displayed in a smoke shop in New York. (AP Photo/Seth Wenig/AP Newsroom)

“In our ongoing fight for our company and mission, today’s news represents another important step in securing our path forward,” Juul CEO KC Crosthwaite wrote in a memo to employees Tuesday.

He said the settlement “addresses the vast majority of outstanding litigation facing our company.”

Many of the lawsuits accused Juul of marketing to children and teenagers.

Juul has said it was never aimed at young people, but has worked to regain the public’s trust.

JUUL e-cigarettes

Electronic cigarettes and pods by Juul, the nation’s largest manufacturer of vaping products, are offered for sale at Smoke Depot in Chicago, Illinois. ((Scott Olson/Getty Images) / Getty Images)

JUUL SUES FDA FOR FAILURE TO DETERMINE DOCUMENTS COVERING E-CIGARETTES

The settlement covers two lawsuits that were set to go to trial early next year, and four broad groups, including personal injury plaintiffs, Juul consumers, public entities such as school districts and Native American tribes.

Lawsuits filed by several attorneys general are ongoing.

Juul electric cigarette is used in Indonesia

A store owner demonstrates smoking a Juul vaping pen for customers. (Reuters/Ajeng Dinar Ulfiana/File Photo/Reuters Photos)

JUUL CUTS 400 JOBS AS BLOCKED VAPING COMPANY FACES GROWING SETBACKS

Last month, Juul announced plans to lay off about a third of its employees and secured funding from some of its early investors to stave off bankruptcy.



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