3M Shares Rise on Reports of $6 Billion Earplugs Settlement
August 28, 2023: Shares of 3M Co. rose on Monday after news reports that the company is nearing a $6 billion settlement of lawsuits over its earplugs linked to hearing loss in military personnel.
The Wall Street Journal reported that 3M is in talks with attorneys representing veterans who claim the company’s earplugs caused them hearing loss. The settlement would be the largest in the history of product liability litigation.
3M has denied the allegations but has been facing increasing pressure to settle the lawsuits. The company has already paid billions of dollars in settlements and legal fees.
The earplugs were called Combat Arms Earplugs, Version 2 (CAEv2). They were designed to protect soldiers from noise, but some veterans claimed that the earplugs did not work correctly and allowed loud noises to enter their ears.
The lawsuits have been filed in federal court in Florida. A hearing on the settlement is scheduled for Tuesday.
- The potential settlement is a significant development in the CAEv2 earplugs litigation. It could provide relief to thousands of veterans who have suffered hearing loss.
- The settlement would also be a significant financial win for 3M. The company has faced billions in legal costs and could have been forced to pay even more if the lawsuits were trialed.
- The settlement is not yet final, and it is possible that it could fall apart. However, it is a positive sign for 3M and the veterans who have filed lawsuits.
Here are some practical takeaways for businesses:
- You should know the potential risks and costs if your business is involved in product liability litigation. You should also be prepared to settle lawsuits if it is in the best interests of your business.
- You should contact an attorney to discuss your legal options if you are a veteran suffering hearing loss from earplugs. You may be eligible to participate in the settlement or file a lawsuit alone.
- The potential settlement of the CAEv2 earplugs litigation is a significant development. It could relieve thousands of veterans who have suffered hearing loss and save 3M billions of dollars in legal costs.