About 240,000 people are expected to be eligible for the settlement, Chris Seeger, a lead lawyer for the plaintiffs, said.
3M has agreed to pay $6.01 billion to settle lawsuits by US military veterans and service members who say they suffered hearing loss from using the company’s earplugs, the company and lawyers for the plaintiffs announced on Tuesday. comes after a failed attempt by 3M earlier this year to move the lawsuits, which had grown into the largest mass tort litigation in US history, into bankruptcy court in the hope of limiting its liability.
The money will be paid out from 2023 to 2029, and $1 billion will be in the form of 3M stock, the company said in a statement. The money will be paid out from 2023 to 2029, and $1 billion will be in the form of 3M stock, 3M said in a statement.3M’s shares were up more than 2% on Tuesday. They closed 5.2% higher on Monday on earlier reports that a settlement was imminent.Some analysts’ estimates of the company’s potential liability from the earplug litigation had been as high as $10 billion.They were used by the US military in training and combat from 2003 to 2015, including in Afghanistan and Iraq.
3M argued that the mass tort litigation was unfair because Rodgers had kept scientific evidence favorable to the company out of trials and allowed thousands of “unvetted” claims to swell the court’s docket.
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