Just announced by KR,, 10.3 billion to be paid by mm over 10 years,,still not liable gor it so we will just pay this to water companies to take our cr-p out of the publics water
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Let's blame this on DEI too!!!!
https://www.gjel.com/blog/largest-class-action-settlements.html
Looks like 3M will move into 4th place on this list of largest settlements. Winning!
this is only the settlement in US. what about settlement in EU?
If they laid off 10000 people and let's say their average salary is $80000.... well cr-p, that is the settlement money right there (suprised Pikachu face).... and yes, I pulled 80000 out of my bu-t... but I dont think it is an unfair guess.
This is supposed to settle all future lawsuits as well do I doubt this will continue on forever.
Get comfy and grab some popcorn because this will be the first of many settlements, extending for so long as people continue to find PFAS in the environment and in their bodies. How long is that you ask? Nearly every PFAS molecule that 3M manufactured and put in its products is still here and will be forever. And some of those molecules are quite unique to 3M. So this sh1tshow has the potential to last approximately forever. Or at least until bankruptcy.
You may be thinking: surely this poster is exaggerating. Flim Flam’s totally got this. Isn’t it all settled now? Isn’t 3M winning?
Let me introduce you to 3M’s very own 10-Q:
https://investors.3m.com/financials/sec-filings/content/0000066740-23-000028/0000066740-23-000028.pdf
Pour yourself a stiff drink—something that would make Wee Pete proud—and read pages 29-42, the Environmental Matters and Litigation section. The AFFF section (which is the subject of today’s settlement) extends approximately a single page. A single page. All the other pages? Not germane to this settlement. So, congrats to 3M on getting their first 11-figure settlement under its belt. Blew the previous 9-figure settlements out of the water.
Wonder how many more layoffs will be announced in Q2 earnings call? They are booking the charge this year even though they are paying through 2036. You don't mark down that kind of liability and charge without some more offsets.
Why is 3M paying $10.3 bn, whereas other companies like Chemours, DuPont, Corteva only needs to pay $1.19 bn?
3M Settles ‘Forever Chemicals’ Litigation for Up to $12.5 Billion
WSJ: 3M MMM agreed to pay up to $12.5 billion to settle hundreds of lawsuits brought by cities that said their drinking water was contaminated with “forever chemicals” the company made for decades.
The tentative national class-action settlement in a landmark environmental fight involving PFAS chemicals in firefighting foam was reached Thursday. 3M will pay between $10.5 billion and $12.5 billion, and the settlement will cover public water systems across the U.S., plaintiffs’ attorneys said.
About 300 municipalities, from Philadelphia to San Diego, say PFAS chemicals in firefighting foam leached into drinking water. Cities have sued 3M and other companies to recoup the costs of installing treatment systems, typically seeking damages in the tens of millions of dollars.
The current proposed settlement applies to those water-related cases, but leaves hundreds of other lawsuits involving personal injury and property claims unresolved. More than 4,000 lawsuits involving firefighting foam that contained PFAS have been consolidated in federal court in Charleston, S.C., and are being overseen by Judge Gergel.
If completed, it would be among other major settlements involving litigation over products deemed to be health risks, including the massive agreements reached in lawsuits involving tobacco, opi--ds and asbestos.
Flim flam’s video is worth the money.