Juul agrees to pay $438.5 million settlement over marketing of e-cigarettes to teens

Juul Labs agreed Tuesday to pay roughly half-a-billion dollars as part of a settlement with 34 states over how the e-cigarette company markets its vaping products.

The $438.5 million agreement in principle concludes a two-year investigation into the manufacturer's marketing and sales practices, according to ABC News.

The agreement also requires Juul to comply with "strict injunctive terms" that severely limiting its marketing and sales practices, the news outlet also reports. 

The investigation alleged the company misrepresented that its product was a smoking cessation device without U.S. Food and Drug Administration approval to make such a claim.

While cigarette smoke among youths has declined, vaping has sharply increased.