3M to Pay $10.3B to Settle Forever Chemicals Drinking Water Lawsuits

The multinational conglomerate 3M, known for its production of Post-It notes, Scotch Tape, and n95 masks, recently agreed to a monumental settlement of $10.3 billion over 13 years. This payment aims to aid public water suppliers in the U.S. who have discovered toxic ‘forever chemicals’ in their drinking water.

Source: WCCO – CBS Minnesota/Youtube

The term ‘forever chemicals‘, technically known as Polyfluoroalkyl and perfluoroalkyl substances (PFAS), refers to chemicals found in various household items, from makeup to carpeting. Their defining feature is their ability to create coatings that repel water, grease, and oil. These chemicals persist in the environment and the human body, leading to the ‘forever’ moniker.

Over the last two decades, 3M faced thousands of lawsuits regarding its manufacture of products containing PFAS. These suits alleged that 3M was aware of the carcinogenic and health-damaging properties of PFAS and their tendency to contaminate U.S. water systems. In response to these issues, 3M pledged to cease production of these chemicals by 2025.

3M’s agreement comes on the heels of similar settlements by companies Chemours, DuPont, and Corteva, who agreed to pay over $1 billion over ‘forever chemicals‘. Meanwhile, the U.S. Environmental Protection Agency proposed national drinking water standards for PFAS due to their persistent environmental and human health impacts.

Though the substantial settlement is a significant move, 3M clarified that it does not constitute an admission of liability. The company stands ready to continue its defense against litigation if the agreement is not approved by a court. The announcement of the settlement sparked a more than 5% rise in 3M’s stock during after-hours trading, reflecting a significant event in the ongoing battle against ‘forever chemicals‘.

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