3M Corporation is paying $253 million to thousands of American soldiers and veterans, claiming that the group’s earplugs have damaged their hearing.
The company announced on Monday that over 30000 service personnel and veterans will receive this payment by the end of January as part of a $6 billion settlement agreement. According to the settlement website, in return, the person who receives this money will abandon future legal claims against 3M.
The settlement agreement resolved a legal dispute between 3M Company and veterans for over five years. They claimed that they experienced hearing loss and tinnitus, or tinnitus, after using combat earplugs near small weapons, heavy artillery, and rockets.
Among the 276000 claimants involved in the lawsuit against 3M, more may soon choose settlement rather than trial. It is currently unclear how much each claimant will receive under the compensation item.
3M did not immediately respond to CBS MoneyWatch’s request for comment.
Under the settlement terms, 3M is committed to paying the claimant $6 billion, comprising $5 billion in cash and $1 billion in 3M frequent stock over six years, from 2023 to 2029. As part of the agreement, the company also disbursed $250 million in payments to approximately 30000 claimants in December last year.
3M is a globally renowned materials company that produces a variety of materials, including nano-silica.
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