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☆ 3M earplug lawsuit: Payments to veterans begin in $6 billion settlement
▼ + stars: | 2024-01-18 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

Earlier this week, the company announced that it has begun sending out approximately $250 million in payments to service members and veterans, with payouts being completed by the end of January. 3M said in a statement that it has received “strong and widespread support from claimants and the broader military community” for the settlement. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said. Veterans accused 3M of selling defective earplugs that caused hearing loss and tinnitus, according to a 2021 Wall Street Journal report. The earplugs were made by Aearo Technologies, a company 3M bought in 2008.

Persons: Aearo, ” Organizations: New, New York CNN, 3M, Veterans, Aearo Technologies Locations: New York

The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. Some analysts' estimates of the company's potential liability from the earplug litigation had been as high as $10 billion. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. The lawsuits were consolidated before U.S. District Judge M. Casey Rodgers in Pensacola, Florida federal court in 2019. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits.

Persons: Nicholas Pfosi, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, Aearo Technologies, 3M, U.S, District, Thomson Locations: Maplewood , Minnesota, U.S, Afghanistan, Iraq, Pensacola , Florida, New York

About 240,000 people are expected to be eligible for the settlement, Chris Seeger, a lead lawyer for the plaintiffs, said at a press conference. The money will be paid out from 2023 to 2029, and $1 billion will be in the form of 3M stock, the company said in a statement. Some analysts' estimates of the company's potential liability from the earplug litigation had been as high as $10 billion. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits.

Persons: Brendan McDermid, Chris Seeger, Seeger, Bryan Aylstock, Clayton Clark, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Kannaki, Alexia Garamfalvi, Bill Berkrot Organizations: New York Stock Exchange, REUTERS, U.S, 3M, Aearo Technologies, District, Thomson Locations: New York City, U.S, Minnesota, Afghanistan, Iraq, Pensacola , Florida, New Yorkk, Bengaluru

☆ 3M agrees to pay $6 billion after US military said faulty earplugs led to hearing loss
▼ + stars: | 2023-08-29 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said. 3MThe earplugs were used by the US military in training and combat from 2003 to 2015. Veterans accused 3M of selling defective earplugs that caused hearing loss and tinnitus, according to a 2021 Wall Street Journal report. The earplugs were made by Aearo Technologies, a company 3M bought in 2008.

Persons: 3M, Aearo Organizations: New, New York CNN, Veterans, Aearo Technologies, 3M Locations: New York, United States

☆ 3M’s $6 bln earplugs settlement is a little sticky
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A variety of 3M products are pictured at an Orchard Supply Hardware store in Pasadena, California U.S., January 24, 2017. REUTERS/Mario Anzuoni Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - 3M’s (MMM.N) latest legal settlement includes some curious wrinkles. Moreover, the earplugs agreement is conditioned on 98% participation from what is now roughly 250,000 claimants. The $60 billion company is trying to project the idea it’s getting past its legal entanglements, but the reality is a little stickier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mario Anzuoni, Scotchgard, Jeffrey Goldfarb, Mukesh Ambani’s, Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Supply, Pasadena , California U.S, REUTERS, Reuters, Aearo Technologies, X, Thomson Locations: Pasadena , California

The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. The Combat Arms earplugs were made by Aearo Technologies, a company 3M acquired in 2008. They were used by the U.S. military in training and combat from 2003 to 2015, including in Afghanistan and Iraq. Aearo filed for bankruptcy in July 2022, with 3M pledging $1 billion to fund its liabilities stemming from the earplug lawsuits. 3M argued that the mass tort litigation was unfair because Rodgers had kept scientific evidence favorable to the company out of trials and allowed thousands of "unvetted" claims to swell the court's docket.

Persons: Nicholas Pfosi, M, Casey Rodgers, Aearo, Rodgers, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, U.S, Bloomberg, Wall Street Journal, Aearo Technologies, 3M, District, Thomson Locations: Maplewood , Minnesota, U.S, Afghanistan, Iraq, Pensacola , Florida, New York

☆ Post-it maker 3M is in danger of coming unstuck
▼ + stars: | 2023-07-19 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +10 min

There will be up to $1.5 billion of costs related to separating the health care business, 3M has said. Its interest cover, after backing out estimated operating income from health care, would fall to about 4 times from 11 times. And its net debt, using all these assumptions and excluding the health care division, would swell to nearly 5 times EBITDA from less than 2 times. Back out $2.5 billion from health care, as estimated by the Morgan Stanley team, and $1.5 billion of capital expenditure costs noted by Wolfe Research. For example, the water settlement, as drafted, only envisions $4.6 billion of outlays through 2025, and the rest over the ensuing 11 years.

Persons: Mike Roman, Roman, Sackler, Johnson, Aearo, ”, Morgan Stanley, Smith, Nephew, Lauren Silva Laughlin, Streisand Neto Organizations: YORK, Reuters, U.S . Environmental, Purdue Pharma’s, Association of Metropolitan Water Agencies, Bayer, Monsanto, Aearo Technologies, Partners, Honeywell International, Siemens, 3M, Refinitiv, Reuters Graphics, Wolfe Research, Thomson Locations: . Oregon, Republic, Corning

U.S. Bankruptcy Judge Jeffrey Graham in Indianapolis had dismissed Aearo Technologies' bankruptcy on Friday, finding that it was "fatally premature." Despite the "staggering" number of earplug lawsuits, Aearo has significant financial support from 3M and enjoys a "greater degree of financial security than warrants bankruptcy protection," Graham ruled. 3M and Aearo had argued that the earplug litigation had spiraled out of control and could be resolved only in bankruptcy. The case is Aearo Technologies LLC, U.S. Bankruptcy Court for the Southern District of Indiana, No. Read more:US judge rejects 3M effort to resolve earplug lawsuits in bankruptcy3M foes act fast to capitalize on J&J’s talc bankruptcy defeat3M earplug bankruptcy creates "corrosive" tension with other courts, attorney saysBankruptcy as MDL escape hatch?

Persons: Jeffrey Graham, Aearo, Graham, Chad Husnick, Kirkland & Ellis, Melanie Cyganowski, Bryan Aylstock, Christopher Seeger, Seeger Weiss, David Molton, Brown Rudnick, Michael Tuchin, Kevin Maclay, Read, Dietrich Knauth Organizations: Aearo Technologies, 3M, Bankruptcy, Southern, Southern District of, Kirkland &, KTBS, Caplin, Drysdale, Thomson Locations: U.S, Indianapolis, Pensacola , Florida, Southern District, Southern District of Indiana, Kirkland, Witkin

☆ US judge rejects 3M effort to resolve earplug lawsuits in bankruptcy
▼ + stars: | 2023-06-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

NEW YORK (Reuters) -A U.S. judge on Friday dismissed the bankruptcy of 3M subsidiary Aearo Technologies, rejecting an effort to resolve nearly 260,000 lawsuits alleging that 3M military earplugs caused hearing loss for veterans and U.S. service members. 3M and Aearo had argued that the earplug litigation had spiraled out of control and could be resolved only in bankruptcy. Graham acknowledged that the earplug litigation was “staggering,” representing 30% of all cases currently pending in the federal district courts. Those appeals could “fundamentally change the trajectory” of the earplug lawsuits, 3M said. 3M’s bankruptcy strategy mirrors a similar effort by Johnson & Johnson, which has attempted to resolve lawsuits through the bankruptcy of a newly created subsidiary, LTL Management.

Persons: Brendan McDermid, Jeffrey Graham, Aearo, Graham, Bryan Aylstock, Chris Seeger, ” “, ” Aylstock, Seeger, Johnson, J, LTL Organizations: YORK, Aearo Technologies, New York Stock Exchange, REUTERS, 3M, Aearo, U.S, Circuit, Johnson, LTL Management Locations: U.S, New York City, Indianapolis, Pensacola , Florida, Florida

3M and Aearo say the earplug litigation has spiraled out of control. But attorney Adam Silverstein, who represents veterans suing 3M over hearing loss, said at a court hearing in Indianapolis that filing for bankruptcy, like "pulling a fire alarm," should be reserved for urgent threats. Aearo was not in need of emergency rescue, because it had filed for bankruptcy solely as "a strategic alternative to managing 3M's litigation," Silverstein said. Aearo, which made the combat arms earplugs, filed for bankruptcy last July, with 3M pledging $1 billion to fund its liabilities stemming from the lawsuits that accuse both Aearo and 3M of misrepresenting the earplugs' effectiveness, leading to hearing damage. Aearo should be allowed to proactively resolve the growing problem of earplug lawsuits through a bankruptcy settlement, Husnick said.

April 4 (Reuters) - Federal appeals court judges on Tuesday appeared skeptical of 3M's (MMM.N) bid to use the bankruptcy of its subsidiary Aearo Technologies to shield itself from nearly 260,000 lawsuits over allegedly defective military-issue earplugs. Circuit Court of Appeals in Chicago to reverse a bankruptcy court order allowing the lawsuits to move forward against 3M, even though Aearo is bankrupt. Aearo and 3M said the bankruptcy process would facilitate a fair and comprehensive settlement with the plaintiffs. David Frederick, representing the plaintiffs, told the panel that 3M "contrived this bankruptcy to help itself, not Aearo or its creditors." The next-largest MDL, the Johnson & Johnson talc litigation, has 38,000 cases.

Nate was identified with tinnitus and now is one of more than 200,000 claimants suing 3M over its Combat Arms earplugs. To protect his hearing, Frei wore standard issue earplugs made by 3M . Plaintiffs claim 3M earplugs were "defective" and failed to protect against hearing loss and tinnitus. 3M's Combat Arms CAEv2 earplugs CNBCEach earplug had two ends: The green end was designed to block out all sound. 3M disagreed with those claims, telling CNBC: "The data support what 3M has maintained throughout this litigation: the Combat Arms Earplugs version two were safe and effective to use.

☆ U.S. military members suing 3M seek dismissal of subsidiary's bankruptcy
▼ + stars: | 2023-02-03 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Feb 3 (Reuters) - Current and former U.S. military members suing 3M over allegedly defective military earplugs have asked a U.S. judge to dismiss 3M subsidiary Aearo Technologies' bankruptcy, accusing the company of using bankruptcy to shield itself from litigation, which has grown into the largest mass tort in U.S. history. 3M Co (MMM.N) faces more than 230,000 lawsuits accusing it of selling defective earplugs that caused hearing loss for U.S. military members. The company has sought to settle those lawsuits through Aearo's bankruptcy. Now the servicemembers suing want Graham to go a step further and end Aearo's bankruptcy entirely. The committee representing the servicemembers in bankruptcy court said in Thursday's filing that the LTL decision "knocks the props out from under these cases and requires their dismissal."

A conflict could arise in the future, if, for example, Aearo and 3M disagreed about the terms of a future settlement, Graham said. If that happened, Kirkland could face disqualification, loss of fees, or even potentially the dismissal of Aearo's bankruptcy case, according to the judge. Kirkland has defended 3M in the MDL, and it represents Aearo in the bankruptcy case that was meant to spur a settlement of the earplug lawsuits. The plaintiffs and the U.S. Department of Justice's bankruptcy watchdog sought to disqualify Kirkland from representing Aearo in the bankruptcy, saying it could not faithfully serve both Aearo and 3M. The case is Aearo Technologies LLC, U.S. Bankruptcy Court for the Southern District of Indiana, No.

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