3M has reached a final figure for a settlement to resolve claims it sold potentially faulty earplugs to the U.S. military. Shares of the materials company were rising early Monday.
3M’s
(ticker: MMM) board approved a $6 billion settlement to be paid out over multiple years, The Wall Street Journal reported, citing people familiar with the matter. The company didn’t immediately respond to a Barron’s request for comment.
3M shares were up 0.6% in premarket trading on Tuesday, after closing up 5.2% on Monday when a likely settlement of around $5.5 billion was initially reported by the WSJ.
The amount likely comes as a relief to investors after some analysts had forecast a range of $10 billion to $15 billion to settle the claims.
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