jetcityimage/iStock Editorial via Getty Images
3M(NYSE:MMM) said Monday that the plaintiff’s participation in the $6 billion transaction related to earplugs for combat weapons is on track to exceed the 98% participation threshold required by the agreement.
Under the terms of the deal announced in August 2023, 3M (MMM) agreed pay $6 billion to resolve the litigation during 2023-29, including the option to pay up to $1 billion of the total in cash or stock, subject to reaching the 98% participation level; the company said it chose to pay $1 billion in cash.
3M (MMM) said the deal has won support from more than 250,000 claimants, who have agreed to withdraw their claims as part of their participation in the deal.
The lawsuits alleged that tens of thousands of people suffered hearing loss and tinnitus after using the company’s earplugs.