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It's the first of thousands of cases against the e-cigarette maker to reach trial. The terms will be kept confidential until formal papers are publicly filed with the court in 30 days.
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It is the largest settlement the company has reached so far concerning its role in the youth vaping surge.
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Juul Labs has reached settlements covering cases brought by about 10,000 plaintiffs related to its vaping products. Buffeted by lawsuits, Juul announced hundreds of layoffs last month.
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The e-cigarette maker has agreed to settle a two-year investigation by 33 states and Puerto Rico into the marketing of its vaping products, which have been blamed for a surge in teen vaping.
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FDA Commissioner Robert Califf says a nongovernmental research group will convene experts to deliver the evaluations within 60 business days.
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The U.S. federal agency said on Twitter that the stay temporarily suspends the marketing denial order while it conducts further review, but does not rescind it.
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The company "will finally be held accountable for creating the youth vaping epidemic," the advocacy group Parents Against Vaping e-cigarettes told NPR. Juul said it plans to fight the decision.
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More than 500 companies submitted applications for 6.5 million vaping products to the FDA. The agency ruled on some of them but did not yet make a decision on products made by Juul.
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The settlement follows years of accusations that the electronic cigarette giant had fueled a surge in teen vaping. As part of the agreement, Juul will not advertise to anyone under 21 in the state.
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Vaping has produced a diverse community of aficionados with all sorts of subspecialties. One vape-juice "mixologist" sells her recipes for as much as $1,500, while custom-made devices go for $3,000.