Juul Labs Inc, backed by Altria Group (NYSE: MO), will pay $1.2 billion to resolve about 10,000 lawsuits alleging the e-cigarette maker was a major cause of a U.S. youth-vaping epidemic. The accord was announced on Tuesday, but an amount wasn’t disclosed. It is yet to be finalized, Bloomberg reported. The deal aims to resolve all personal injury, class-action, and school-district claims against Juul gathered before a judge in San Francisco. Wednesday, Juul Labs reached settlements with about 10,
Altria (MO) closed at $46.86 in the latest trading session, marking a +1.06% move from the prior day.
Cheaper cigarette brands are taking market share from large rivals such as BAT and Altria as smokers look for ways to save cash.