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Bryan Aylstock - 4 Aearo - 3 Brendan McDermid - 2 Chris Seeger - 2 Seeger - 2 Jeffrey Graham - 2 Graham - 2 Clayton Clark - 1
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3M - 3 Aearo Technologies - 3 New York Stock Exchange - 2 REUTERS - 2 U.S - 2 Thomson - 2 Military - 1 CNBC - 1

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6 mentions found


☆ 3M faces more legal headaches after $6 billion earplug settlement
  + stars: | 2023-08-29 | by ( Seema Mody | ) www.cnbc.com   time to read: +1 min
3M is on the verge of ending the largest mass tort litigation in U.S. history, but it's still facing other expensive legal headaches. The company said Tuesday that it settled with roughly 250,000 plaintiffs in a $6.01 billion deal. Military veterans and service members alleged 3M manufactured defective earplugs that resulted in hearing loss. While news of the settlement relieves one big legal overhang, 3M is still awaiting approval of its $10.3 billion settlement with water utilities over drinking water contaminated with substances known as "forever chemicals." That settlement, which is facing pushback from more than 20 states, only covers a subset of liabilities and does not include a growing list of states that have sued 3M.
Persons: Bryan Aylstock Organizations: Military, CNBC, Capstone
☆ 3M agrees to pay $6 billion in US military earplug lawsuit settlement
  + stars: | 2023-08-29 | by ( Brendan Pierson | Thomson Reuters | Brendan Pierson Reports On Product Liability Litigation | ) www.reuters.com   time to read: +4 min
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 seeks to revive bankruptcy to resolve military earplug mass tort
  + stars: | 2023-06-13 | by ( Dietrich Knauth | Industry Insight | How Law Firms Calculate Greenhouse Gas Emissions | ) www.reuters.com   time to read: +2 min
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 fights a growing legal battle over combat-grade earplugs
  + stars: | 2023-03-15 | by ( Chris Dilella Seema Mody | Chris Dilella | Seema Mody | ) www.cnbc.com   time to read: +7 min
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."
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