The 3M Company (MMM) revealed on Monday that the participant count in the settlement for the Combat Arms Earplugs litigation is projected to exceed the 98% milestone as outlined in the resolution agreement by its final registration date, which is set for March 25, 2024.
Under the terms of the settlement, disclosed in August 2023, 3M committed to paying a total of $6 billion to settle the legal dispute from 2023 to 2029. They were also provided with an option to pay up to $1 billion of the overall amount either in 3M stock or in cash.
However, having reached the 98% participation rate, 3M has selected to fulfill the $1 billion payment in cash rather than in their stock.
The firm also indicated that over 250,000 eligible claimants chose to participate in the settlement, therefore choosing to withdraw their individual claims.
