3M said it will commit nearly $7.35 billion over nine years to settle personal-injury claims related to PFAS, a group of chemicals often called “forever chemicals.” The company said the agreement addresses about 99% of current claims, both inside and outside the Aqueous Film-Forming Foam Multi-District Litigation. It estimates that 115,000 to 120,000 plaintiffs are eligible to participate.
PFAS are manufactured chemicals used in products designed to resist 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 faces thousands of lawsuits over PFAS contamination, said it does not admit liability and remains prepared to defend itself in litigation. The company said remaining and future personal-injury claims will be handled through several settlement mechanisms.
The payment schedule includes $50 million in 2026 and no payments in 2027, while about 20% of the total is due in the final two years. 3M expects to record a pre-tax charge of $5.8 billion in the fourth quarter, which it said will not affect its previously issued forecast.
In 2023, 3M reached a separate $10.3 billion settlement with US public water systems over pollution claims tied to PFAS. The company also said it had completed its previously announced plan to stop manufacturing all PFAS globally by the end of 2025.
Sources: Investing.com News.