3M agrees to pay $6 bln to settle lawsuits over US military earplugs

[rangerrebew]

3M agrees to pay $6 bln to settle lawsuits over US military earplugs
By Brendan Pierson
August 29, 20231:14 AM EDTUpdated 13 hours ago
 

Aug 28 (Reuters) - 3M (MMM.N) on Monday agreed to pay $6.01 billion to settle nearly 260,000 lawsuits by current and former U.S. military service members who say they suffered hearing loss from using the company's earplugs, according to a person familiar with the agreement.

The deal comes after a failed attempt by 3M earlier this year to move the lawsuits, which had grown into the largest mass tort litigation in U.S. history, into bankruptcy court in the hope of limiting its liability.
 
The money will be paid out mostly over the next five years, the person familiar with the agreement said.

3M shares had risen 5% on Monday on earlier reports that a settlement was imminent. Some analysts' estimates of the company's potential liability from the earplug litigation had been as high as $10 billion.

A 3M spokesperson and lawyers for the service members did not immediately respond to requests for comment.

https://www.reuters.com/legal/3m-board-vote-multibillion-dollar-settlement-military-earplug-litigation-2023-08-28/

[rangerrebew]

When I was in the Navy, one of our at sea watches was on the O-9 level directly aft of the starboard cat.  In those days, ear drums were about the only noise suppression we had.  Now, at almost 76, my hearing leaves a lot to be desired and it isn't getting better to say the least.  So, I'm glad this is happening, but I have a question:  Where is the Navy's culpability in all this?