3M has agreed to pay $6.01bn to settle lawsuits by United States military veterans and service members who say they suffered hearing loss from using the company’s earplugs, according to the company and lawyers for the plaintiffs.The settlement, consisting of $5bn in cash and $1bn in 3M stock, will be made in payments that will run through 2029. The Minnesota-based company said it was not admitting liability and that the earplugs “are safe and effective when used properly”.The deal comes after a failed attempt by 3M earlier this year to move the lawsuits, which had grown into the largest mass tort litigation in US history, into bankruptcy court in the hope of limiting its liability.
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