the real reason Monish has left is there will no money in the pot in 12/18 months, here is an update on why departments are being told to run down stock and stop new orders,
3M Earplug Lawsuit News
July 16, 2024: 3M paid out $500 million yesterday. The total funding so far is $1.6 billion. About $700 million of that has found its way to victims.
July 9, 2024: As of last week, $815,889,097 of the $6 billion settlement had been paid. So we are about 14% of the way.
July 4, 2024: BrownGreer has reported on the implementation of the “ledgering process.” This process addresses the fees and expenses of primary counsel, distinguishing between those participating in the ledgering process (ledgering firms) and those who opted out (non-ledgering firms). Judge Rodgers was not thrilled with what she saw.
The judge emphasized the necessity for the settlement program to comply with the settlement and all court orders, ensuring that participating claimants receive timely and uniform payments. She particularly scrutinized compliance with the “50% rule”—which many in the comments below claim has not been followed—mandating that plaintiffs receive at least 50% of their gross settlement after deducting the 9% common benefit fee assessment.
The order directs all firms to adhere to the 50% Rule and mandates non-ledgering firms to pay victims within 60 days of receiving settlement funds, reporting any delays to BrownGreer. The court also provided an option for non-ledgering firms to admit defeat and transition to the ledgering process.
July 3, 2024: 3M has been fighting with insurance companies to pay more of the earplug settlement. It just secured $120 million from several insurers to contribute to a $6 billion global personal injury settlement with service members who used the companies’ combat earplugs and is looking to collect more against five other insurers in a Delaware state court to recover more than $370 million in legal defense costs.
3M and Aearo are also arbitrating some insurance coverage disputes and are in ongoing discussions with other insurers to resolve their contractual obligations without further litigation or arbitration, as stated in the filing on Monday.
I’m just passing this information along for interest. None of this will impact the timing of your settlement.
July 1, 2024: In the 3M Combat Arms Earplug Products Liability Litigation, the number of active cases slightly decreased from 247,640 in June 2024 to 237,907 in July 2024. Some dismissals last month made up a portion of this. I’m not sure if some settlements are included in this number.
I’m not sure why I’m still updating this number. Probably because I have been doing it for five years. It is like a Pavlovian reflex at this point.