The takeaway: Specialty chemicals and industrial products manufacturer 3M has agreed to pay up to $7.35 billion to settle lawsuits that alleged the company was culpable for groundwater contamination from forever chemicals found in many of its products, including firefighting foam, adhesives, and tapes. The money will be paid out to around 120,000 people over a period of nine years.

Under the terms of the agreement, the plaintiffs will receive $50 million this year, followed by yearly payments of more than $1 billion from 2028 to 2033. 3M will be required to pay additional money if more plaintiffs join the class action, but if not enough people get on board, the company reserves the right to cancel payments and continue fighting the case in court.

The lawsuits alleged that people were sickened by perfluoroalkyl and polyfluoroalkyl substances (PFAS), which are known to resist heat, stains, oil, and water, and are typically found in products like firefighting foam, non-stick cookware, utensils, and clothing. What makes them especially dangerous is that they're not easily biodegradable, meaning they persist in the environment for a long time.

Research has linked long-term exposure to PFAS to several critical and even life-threatening illnesses, including cancer, liver disease, immune system damage, and thyroid malfunction. It's also known to adversely affect the health of unborn children, resulting in low birth weight and other complications in babies and expectant mothers.

It is worth noting that this is not the first time 3M reached multimillion dollar settlements in PFAS-related lawsuits.

Source link