JUUL Labs, a troubled electronic cigarette manufacturer, announced on Tuesday evening that they have reached a settlement with thousands of plaintiffs in various cases.
The company stated that the settlement of the federal multidistrict litigation, consolidated in the Northern District of California, represents a global resolution that covers "over 5,000 cases brought by approximately 10,000 plaintiffs against Juul Labs and its executives and directors.
Over the past year, Juul Labs has reached settlements with 37 states and territories, and we are still in discussions with other significant stakeholders to resolve remaining lawsuits," the company said in a statement. "As announced by the company in November, Juul Labs has taken a series of measures to stabilize its business operations and address past legal issues.
The terms of the settlement were not disclosed.
In almost constant litigation, an e-cigarette company allegedly associated with Altria (MO) narrowly avoided bankruptcy in early November.
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