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3M board to vote on multibillion-dollar settlement in military earplug litigation

daftandbarmy

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3M board to vote on multibillion-dollar settlement in military earplug litigation​


3M’s board of directors is expected to vote soon on whether to settle nearly 260,000 lawsuits by U.S. military service members and veterans who say they suffered hearing damage from using the company’s earplugs, a person familiar with the proposal said on Monday.

The proposed deal comes after a failed attempt by 3M earlier this year to move the lawsuits, which had grown into the largest mass tort litigation in U.S. history, into bankruptcy court in the hope of limiting its liability.

3M shares were up more than 4% on Monday morning following reports by Bloomberg and the Wall Street Journal that the company had reached a tentative $5.5 billion settlement in the litigation.

 
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