3M Agrees to $6 Billion Settlement , Over Faulty Earplugs Worn by US Military Personnel.
300,000 lawsuits alleging that 3M provided the military with faulty combat earplugs, which resulted in injuries and hearing loss, will be resolved by the settlement.
The payout will include "$5 billion in cash and $1 billion in stock," CNN reports.
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However, 3M says that the settlement is "not an admission of liability." .
The products at issue in this litigation are safe and effective when used properly.
3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled, 3M, via statement.
The earplugs in question were used by American military personnel from 2003 to 2015.
The product was manufactured by Aearo Technologies, which 3M acquired in 2008.
Aero reportedly attempted to file for bankruptcy in 2022 to try to fund its liabilities, but the case was thrown out, according to CNN.
Allowing an otherwise financially healthy debtor with no impending solvency issues to remain in bankruptcy, much less one whose liability for most of its debts is supported by an even more financially healthy, Fortune 500 multinational conglomerate, exceeds the boundaries of the Court’s limited jurisdiction, Bankruptcy judge, via statement.
3M also settled another lawsuit this summer, agreeing to pay $10.3 billion to public American water suppliers that have found "forever chemicals" in their water.
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3M also settled another lawsuit this summer, agreeing to pay $10.3 billion to public American water suppliers that have found "forever chemicals" in their water.
