3M Co. (NYSE:MMM) tentatively agreed to a more than $5.5 billion in a settlement to resolve over 300,000 lawsuits claiming the company sold the US military defective combat earplugs.
Under the settlement, 3M is expected to pay out the money over 5 years, according to a Bloomberg report on Sunday, which cited people familiar with the matter. 3M's board still needs to sign off on the agreement.
Wow 3M is up 5% today
$5 bil is already much more than the original $1 bil set aside. But it should be at least $10 bil for the veterans to get a meaningful payout
A rifle that emits spikes of 140+ dB would require double hearing protection for mitigation, assuming that the soldiers actually wear it. These earplugs were never meant to work.
$12k/ea is too low but the quantity of claimants at 300k is too high.
Our litigious society at work.
Not yet. Give it time. PFAS is just getting started.
The settlement news comes after 3M had its subsidiary Aearo, which manufactured the earplugs, file for bankruptcy protection last year—a judge later called the attempt a "brazen abuse of the litigation process" and allowed plaintiffs to sue 3M directly.
So 3M is not bankrupt after all? 🤔
$12,000 per veteran paid out over 5 years. That’s $2,400 a year or $200 a month. $6.00 a day!! Way to go ambulance chasing lawyers!
Someone check my math on this. $5.5B settlement where the lawyers get 30-40% of it. This leaves the rest of the settlement to be divided up between 300,000 plaintiffs. Looks like an individual should receive $11-12,000 +/- before taxes. If this is correct, I’m not sure who I despise more. A Corporation who sold faulty product, or the manipulative tort lawyers who end up lining their own pockets.