[CPEO-MEF] PFAS: "3M makes $10.5B settlement in 'forever chemical' cases involving drinking water"

[Lenny Siegel <LSiegel@cpeo.org>]

3M makes $10.5B settlement in 'forever chemical' cases involving drinking water
The settlement involves a bevy of cases out of South Carolina involving cities and public water agencies. Other companies settled the cases earlier. 

By  Mike Hughlett 
Minneapolis Star Tribune (MN)
June 22, 2023 

3M on Thursday announced a $10 billion-plus national settlement of "forever chemical" lawsuits involving drinking water, a significant step in reducing a litigation overload that has punished the company's stock.

The agreement, which requires court approval, is by far the largest settlement 3M has made over its PFAS chemicals — and one of the largest mass tort settlements in recent U.S. history.

Previously, the largest 3M settlement was an $850 million agreement in 2018 to settle PFAS water pollution claims in Minnesota.

Under the settlement announced Thursday, 3M will pay $10.5 billion to $12.5 billion from 2024 through 2036, according to a company filing with U.S. securities regulators. The company expects to record a $10.3 billion charge to its profits during the second quarter to recognize the settlement.

…

For the entire article, see
https://www.startribune.com/3m-pfas-settlement-10-billion-south-carolina-drinking-water-cases-forever-chemical/600284614/

—

Lenny Siegel
Executive Director
Center for Public Environmental Oversight
A project of the Pacific Studies Center
LSiegel@cpeo.org
P.O. Box 998, Mountain View, CA 94042
Voice/Fax: 650-961-8918
http://www.cpeo.org
Author: DISTURBING THE WAR: The Inside Story of the Movement to Get Stanford University out of Southeast Asia - 1965–1975 (See http://a3mreunion.org)

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