Youth Vaping Epidemic: Juul Agrees To Pay $462M In Largest Multistate Settlement For Addiction - Altria Group (NYSE:MO)

Embattled electronic cigarette maker Juul Labs Inc will pay $462 million to six states and the District of Columbia for its role in the youth vaping surge, said New York Attorney General Letitia James.
The states that reached the settlement with Juul are New York, California, Massachusetts, New Mexico, Illinois, and Colorado.
"There is no doubt that Juul played a central role in the vaping epidemic today," New York Attorney General Letitia James said.
"Juul is paying for widespread harm caused and will undergo severe restrictions on its marketing and sales practices."
Under the settlement, New York will get $112.7 million over eight years, supporting underage vaping abatement programs across the state.
The agreement is the largest multistate settlement with JUUL. It places the most stringent restrictions on JuuL's marketing, sales, and distribution practices to protect and prevent minors from underage vaping.
In March, a $255 million settlement was reached in the lawsuit with Juul Labs regarding claims that customers paid more for Juul products than they would have paid if they had been given accurate information about products' addictiveness, and safety and that JUUL products were unlawfully marketed to minors.
Juul has laid off around 400 employees since last November fall and plans to slash its operations by 30%-40%.
Altria Group Inc MO divested Juul Labs, recording a loss of at least $12.5 billion.