Altria Investors Get First OK of $90 Million E-Cig Settlement

Altria Group Inc. and investors who say it and Juul Labs Inc. failed to disclose legal risks associated with marketing e-cigarettes to underage consumers may move forward with a $90 million settlement, a federal judge in Virginia said.

The deal is “one of the largest recoveries ever achieved in a securities class action in Virginia,” according to a memo the tobacco company’s investors filed. The U.S. District Court for the Eastern District of Virginia granted preliminary settlement approval.

Investors accuse Altria and Juul of knowing about the risks of targeting youth as new customers but opting not to disclose the ...