3M Settles Combat Earplug Lawsuits for $6 Billion
3M has agreed to pay a $6 billion settlement to resolve lawsuits brought by military service members and veterans who claimed that the combat earplugs sold by the company had caused hearing damage and tinnitus. The settlement includes $5 billion in cash and $1 billion in stock to be paid over the next six years. Although 3M denies any liability, the settlement marks the end of a major legal battle for the company. The cost of the settlement is seen as slightly more attractive than initially expected, and 3M's share price rose following the announcement.