3M Settles Earplug Lawsuit, Veterans Get $253M
In a significant development, 3M, the conglomerate known for its various products, is now sending out payments totaling $253 million to over 30,000 U.S. military service members and veterans. This payment is part of a larger $6 billion settlement related to allegations that 3M’s combat earplugs caused hearing loss among military personnel.
Background:
The settlement follows a more than five-year legal battle between 3M and veterans who claimed to experience hearing issues, such as loss and ringing in the ears (tinnitus), after using 3M’s combat earplugs during their service. The earplugs were reportedly used in close proximity to small arms, heavy artillery, and rockets.
Settlement Details:
Under the terms of the settlement, 3M will distribute $5 billion in cash and $1 billion in 3M common stock to claimants between 2023 and 2029. The recent $253 million payment is part of this agreement and represents a significant step forward in resolving the claims.
Legal Implications:
In exchange for the payments, recipients will forfeit any future legal claims against 3M. This stipulation is a crucial aspect of the settlement, bringing closure to a substantial number of legal disputes. It is noteworthy that this resolution covers one group of claimants, and there are still approximately 276,000 claimants involved in the overall lawsuit against 3M.
Positive Responses:
The announcement has been met with positive reactions from involved parties, including veterans and their legal representatives. Bryan Aylstock, an attorney for the plaintiffs, expressed satisfaction with 3M’s decision to expedite the payments and emphasized the company’s commitment to resolving these claims.
Future Outlook:
The settlement continues to gain traction, with more claimants considering opting into the agreement rather than pursuing individual trials. The resolution of all “wave” plaintiffs, who were preparing for trial prior to the settlement, marks a significant milestone in the broader legal proceedings.
Conclusion:
As 3M takes steps to fulfill its financial commitments under the settlement, the company aims to bring closure to a long-standing legal battle with veterans. The accelerated payment to claimants and the widespread support for the settlement indicate a positive direction for resolving the remaining claims and offering compensation to those affected by the alleged issues with 3M’s combat earplugs.
In a significant development, 3M, the conglomerate known for its various products, is now sending out payments totaling $253 million to over 30,000 U.S. military service members and veterans. This payment is part of a larger $6 billion settlement related to allegations that 3M’s combat earplugs caused hearing loss among military personnel. Background: The settlement…
In a significant development, 3M, the conglomerate known for its various products, is now sending out payments totaling $253 million to over 30,000 U.S. military service members and veterans. This payment is part of a larger $6 billion settlement related to allegations that 3M’s combat earplugs caused hearing loss among military personnel. Background: The settlement…
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