3M and plaintiffs' attorneys are nearing a settlement that would resolve hundreds of thousands of veterans' claims that earplugs made by the company and its subsidiary did not protect them from hearing loss. Under the terms being negotiated, 3M would pay about $5.5 billion.
3M Company
MMM
$103.37
$0.09
+0.09%
Capital Structure
Market Cap
57.1B
Enterpr. Val.
68.3B
Valuation
P/E
-7.8
P/S
1.7
Dividends
Yield
5.8%
Payout
-44.6%
Negotiations are ongoing and a final amount has not yet been determined.
The earplug lawsuits have become the largest class action in U.S. history, with more than 300,000 claims. Veterans allege that 3M and Aearo Technologies, a company 3M acquired in 2008, manufactured defective products that did not protect their hearing from damage.
I'm sure this is good news but then again I wouldn't expect +40% in a week :) I think this is already priced in considering how long it takes
I think they're gonna finish it. Hopefully everyone has managed to buy enough shares :)
$MMM+0.0% in the premarket so far +4.5%.
So could 3M finally be able to continue its business in peace? 5.5 billion would be more than bearable.
Well, since some analysts have estimated the cost of settling the earplug dispute at $10 billion to $15 billion, this seems like an ideal option. Let's hope it works.
I hope it works out well for 3M, it's been dragging on for a long time.