In this Aug 29, 2019 photo, the 3M corporate logo stands atop the headquarters of the Minnesota-based company in Maplewood, Minnesota, US. (PHOTO / AP)
3M has announced that it will pay $6 billion to settle almost 260,000 lawsuits against its Combat Arms earplugs between 2023 and 2029.
The agreement will include $5 billion in cash and $1 billion in common stock of the Minnesota-based conglomerate.
The earplugs were made by Aearo Technologies, a company that 3M acquired in 2008. The US military used the earplugs in training and in combat from 2003 to 2015, including in operations in Afghanistan and Iraq.
Plaintiffs for military members in the lawsuits claimed the company hid design flaws, tweaked test results and failed to provide instructions for proper use of the earplugs, leading to hearing damage.
In a statement, 3M said the settlement is intended to resolve all claims associated with the Combat Arms earplug products as well as potential future claims.
The company also faces thousands of other lawsuits related to the forever chemicals PFAS.
Earlier this year, 3M agreed to a $12.5 billion settlement with multiple public water systems in the United States to resolve water pollution claims that the forever chemicals contaminated soil, groundwater and other public water systems.
In early June, DuPont, Chemours and Corteva agreed to pay $1.185 billion for PFAS-related drinking water claims with 300 local water systems that had sued the three companies for the costs of cleaning and filtering their wells and aquifers.
Tainted tap water
A recent study by the US Geological Survey showed at least 45 percent of the country's tap water is estimated to have one or more types of forever chemicals.
PFAS, or perfluoroalkyl and polyfluoroalkyl substances, are widely used in everyday products. They can build up in the human body and pass from mothers to newborns because of their slow breakdown.
The US Environmental Protection Agency listed health risks posed by PFAS, including negatively affecting reproductivity, children's development, immune systems and the body's natural hormones, and an increased risk of prostate, kidney and testicular cancers.
3M's proposed deal would provide funds over 13 years to cities, towns and other public water systems to test and treat contamination of PFAS.
However, the agreement does not stop people from filing individual cases against 3M for personal injury claims.
The legal woes have dropped 3M's stock price by 50 percent in the past five years, while the stock market went up by 50 percent, The Wall Street Journal reported.
