{"id":54650,"date":"2023-08-29T23:50:11","date_gmt":"2023-08-30T03:50:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/3m-shares-jump-as-conglomerate-reportedly-nears-settlement-of-earplug-lawsuits\/"},"modified":"2023-08-29T23:50:13","modified_gmt":"2023-08-30T03:50:13","slug":"3m-shares-jump-as-conglomerate-reportedly-nears-settlement-of-earplug-lawsuits","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54650","title":{"rendered":"3M shares jump as conglomerate reportedly nears settlement of earplug lawsuits"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com —\u00a0Shares in 3M Co. (NYSE:) climbed in premarket U.S. trading on Monday following media reports that the industrial conglomerate has tentatively agreed to pay over $5.5 billion to resolve hundreds of thousands of lawsuits alleging that its earplugs sold to the U.S. military were defective.<\/p>\n

According to the reports, sources close to the matter say that the negotiations are ongoing and a final amount has yet to be decided. The potential settlement was first reported by Bloomberg News.<\/p>\n

More than 300,000 current and former service members have filed claims blaming Minnesota-based 3M and one of its subsidiaries for knowingly making earplugs that failed to protect them from hearing loss.<\/p>\n

3M has contested the lawsuits, saying the earplugs work correctly when users are given proper training.<\/p>\n

The possible settlement amount would be far less than the $10B to $15B figure estimated by some analysts. However, it could still add to 3M’s litigation costs, which are likely to mount further following a separate tentative multi-billion dollar settlement earlier this year to lawsuits over so-called “forever chemicals” in municipal water supplies.<\/p>\n

In June, a judge in the U.S. state of Indiana dismissed a bankruptcy filing by the earplugs’ maker Aearo Technologies, which was purchased by 3M in 2008. The decision was seen as a setback for 3M’s legal strategy. The company had become one of several groups, including Johnson & Johnson (NYSE:), to recently attempt to limit its exposure to personal injury claims by having a subsidiary file for Chapter 11 bankruptcy protection.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com —\u00a0Shares in 3M Co. (NYSE:) climbed in premarket U.S. trading on Monday following media reports that the industrial conglomerate has tentatively agreed to pay over $5.5 billion to resolve hundreds of thousands of lawsuits alleging that its earplugs sold to the U.S. military were defective. According to the reports, sources close to […]<\/p>\n","protected":false},"author":1,"featured_media":18203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-54650","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\n3M shares jump as conglomerate reportedly nears settlement of earplug lawsuits | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com --\u00a0Shares in 3M Co. 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