: 3M to pay up to $6 billion to settle Combat Arms Earplug suit

by | Aug 29, 2023 | Stock Market

3M Co.’s stock was up 0.8% in premarket trade Tuesday after it agreed to pay up to $1 billion in stock and $5 billion in cash until 2029 to settle claims it sold potentially faulty ear protection to the U.S. military. The $6 billion in total that 3M pledged to spend on the settlement is lower than the $10 billion to $15 billion expected by some analysts, The Wall Street Journal reported.

said the legal action against it and Aearo Technologies, a company it acquired in 2008, “is not an admission of liability” over its Combat Arms Earplug product. “The products at issue in this litigation are safe and effective when used properly,” 3M said. The lawsuits alleged that tens of thousands of people suffered from hearing loss and tinnitus, said lawyers for the plaintiffs, in a statement. “This historic agreement represents a tremendous victory for the thousands of men and women who bravely served our country and returned home with life-altering hearing injuries,” said Bryan F. Aylstock, the lead counsel for the plaintiffs. The plaintiff lawyers in the case said more information will be available on the settlement at w …

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