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3M commits $7.35 billion to settle 'forever chemicals'-related claims

By Reuters News

Nov 3 (Reuters) - Industrial conglomerate 3M MMM.N said on Tuesday it would commit nearly $7.35 billion over nine years to settle PFAS "forever chemicals"-related personal injury claims.

PFAS are a group of manufactured chemicals used in products resistant to heat, stains, grease and water. They have been linked to health issues including liver damage, lower birth weight, reduced antibody response to vaccines, and kidney and testicular cancer.

3M, which is facing thousands of lawsuits over PFAS contamination, did not admit liability and said it was prepared to continue to defend itself in litigation.

The settlement addresses about 99% of current personal-injury claims inside and outside the Aqueous Film-Forming Foam Multi-District Litigation (AFFF MDL). About 115,000 to 120,000 plaintiffs are eligible to participate, according to the company.

The payment structure includes a $50 million payment in 2026 and no payments in 2027, with about 20% of payments due in the final two years.

3M expects to record a pre-tax charge of $5.8 billion in the fourth quarter, adding that the charge would not impact its previously issued forecast.

"This settlement is a significant milestone for 3M and substantially reduces litigation uncertainty," CEO William Brown said in a statement on Tuesday.

The conglomerate said all remaining and future personal-injury claims, both inside and outside the AFFF MDL, would be managed through several settlement mechanisms.

In 2023, 3M reached a $10.3 billion settlement with a host of US public water systems to resolve water pollution claims tied to "forever chemicals."

Many other companies, including DuPont DD.N and Corteva CTVA.N, Chemours CC.N are facing lawsuits related to PFAS.

3M said on Tuesday it has successfully completed its previously announced plan to discontinue the manufacture of all PFAS globally by the end of 2025.

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