3M May Settle Lawsuits Over Defective Military Earplugs For Over $5.5 Billion, Report Says

3M has reached a tentative agreement to pay over $5.5 billion to settle claims from military service members who suffered hearing loss or tinnitus due to defective earplugs sold to the U.S. military, potentially ending a years-long legal dispute.

forbes.com

Relevant topic timeline:

8/25/2023

SEC.gov

3M Company has agreed to pay over $6.5 million to settle charges that it violated the Foreign Corrupt Practices Act by arranging overseas trips for Chinese government officials as a means to induce them to purchase 3M products.

8/28/2023

Wall Street Breakfast: Labor Rising

Unions are gaining momentum as workers across various industries threaten strikes and demand better compensation and conditions, with the potential for significant economic losses and impacts on industries such as autos and Hollywood. Meanwhile, U.S. Commerce Secretary Gina Raimondo visits China to discuss trade and investment, and 3M settles a lawsuit over defective combat earplugs for over $5.5 billion. Additionally, the Biden administration is expected to announce the first ten drugs subject to Medicare price negotiations.

8/28/2023

3M likely to settle for nearly $5.5B in earplugs case after hearing-loss complaints

3M and attorneys representing plaintiffs are nearing a $5.5 billion settlement to resolve complaints by military veterans that the company's earplugs did not protect them from hearing loss.

8/28/2023

3M Stock Soars on Reported Earplugs Settlement. $5.5 Billion Is a Win for Investors.

3M stock surges after reaching a reported $5.5 billion settlement over earplugs, providing a win for investors.