3M To Pay $6 Bln To Settle Combat Arms Earplugs Lawsuit
(RTTNews) - 3M Co. (MMM) announced Tuesday that more than 99% of claimants are participating in the settlement as of the final registration date for the Combat Arms Earplug settlement agreement.
Out of a total of more than 293,000 claims, more than 249,000 claimants have registered to participate in the settlement. In addition, more than 41,000 claims have been dismissed by the courts administering the agreements.
Once all the settlement registrations that have been submitted by claimants have been processed and validated, 3M anticipates that the settlement will have achieved a more than 99.9% participation level.
Under the terms of the agreement, 3M will pay a total amount of up to $6.0 billion, between 2023 to 2029, to resolve the litigation, provided all participation thresholds are met. This represents a total pre-tax present value of $5.3 billion, for which the company has previously recorded reserves.
Aearo and 3M are actively engaged in insurance recovery activities to offset a portion of the settlement payments. The formal recovery processes are underway through a lawsuit filed in Delaware, as well as arbitration proceedings.
3M Boosts FY24 Adj. EPS Outlook - Update
3M Says President And CFO Monish Patolawala To Resign Effective July 31
CPSC Recalls: Earmuffs, Racer Car Toys, Log Splitters And Cylinder Kits, Hampshire Cribs, Air Rifles
3M To Freeze U.S. Pension Plans For Non-union U.S. Employees By End Of 2028
3M To Pay $10.3 Bln To Settle PFAS Claims; Sees Hefty Charge In Q2
3M To Exit PFAS Manufacturing And Use Of PFAS Use By The End Of 2025
3M Trims FY22 Outlook Range - Update
