3M commits $7.35 billion to settle PFAS litigation in South Carolina
What happened
3M Co. committed $7.35 billion over nine years to settle litigation related to its use of PFAS chemicals. This commitment addresses almost all 115,000 to 120,000 personal injury claims being litigated in a federal court in South Carolina. Following the announcement, 3M shares rose 1.7% in late trading in New York.
From claimsjournal.com
Why it matters
The settlement resolves legal claims tied to PFAS, a class of chemicals used in products including stain-proof textiles and foams. Chief Executive Officer William Brown stated that the agreement substantially reduces litigation uncertainty for the company.
From claimsjournal.com
Who's involved
- South CarolinaLocation of the federal court litigation regarding PFAS claims
- William BrownChief Executive Officer who commented on the settlement
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- American TrustSpeculative
American Trust might see the value of its stake in 3M affected by the settlement liability.