3M Reaches Preliminary $10.3 Billion Deal

Norman Ray

Global Courant

Maplewood, Minnesota, the global headquarters of the 3M Company.

Michael Siluk | Universal Image Group | Getty Images

3M has reached a $10.3 billion settlement with numerous U.S. public water systems to resolve water pollution claims related to “forever chemicals,” the chemical company announced Thursday.

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The company said the settlement would provide the funds over a 13-year period to cities, towns and other public water systems to test and treat contamination from per- and polyfluoroalkyl substances, or PFAS.

Facing thousands of lawsuits over PFAS contamination, 3M denied liability and said the money will help restore public water systems that detect PFAS “at every level.”

Lawyers for cities and municipalities that sued 3M for PFAS contamination did not immediately respond to a request for comment.

Shares of the company rose about 4% hours after the announcement.

3M was due to face trial in South Carolina federal court earlier this month in a lawsuit brought by Stuart, Florida. The judge overseeing the case postponed the trial on the morning it was due to begin.

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Stuart alleged in his 2018 lawsuit that the company made or sold firefighting foam containing PFAS that contaminated local soil and groundwater, seeking more than $100 million for filtration and remediation. It is one of more than 4,000 lawsuits filed against 3M and other chemical companies.

3M Reaches Preliminary $10.3 Billion Deal

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