Juul, the vaping company in trouble, agreed Monday to pay $40 million to North Carolina over the next six years in an agreement with the state prosecutors. This was the first state settlement for the vaping company amid several pending lawsuits that claimed it fuelled nicotine addiction among children.
North Carolina Attorney General Josh Stein stated that Juul had targeted teens for years with its addictive e-cigarette. Finally, it lit the fire and fanned flames of a vaping epidemic in our children, one that can be seen in any North Carolina high school.
Adam Bowen and James Monsees, cofounders of Juul, were billionaires almost a year after Altria invested in the company. However, Darsana Capital Partners, a hedge fund shareholder, reduced its investment by 33% last October. As a result, both men lost their billionaire status.