3M Stock ( NYSE:MMM )
On Friday, the investment rating of 3M ( NYSE:MMM ) was steady at Underweight by Bank of America analysts . The day before the rating was left unchanged, a federal judge said that mediation negotiations between 3M (MMM) and plaintiffs who alleged that earplugs a corporate unit produced for the U.S. military was faulty had been terminated due to a lack of progress.
U.S. District Judge M. Casey Rodgers said talks broke down because neither party was willing to budge. Multidistrict litigation involving 3M (MMM) is the largest in U.S. history, with over 230,000 claims. The company has attempted to settle it via bankruptcy procedures. According to Judge Rodgers, military members “categorically reject” any bankruptcy court outcome.
A presentation of the plaintiff’s military medical documents has been scheduled, and the court has authorized the mediator to continue facilitating informal settlement talks. After being delayed from its original October start date, plaintiff David George’s second bellwether case will finally get underway on February 13.
Citing court documents, Bloomberg News stated that 3M’s (MMM) legal defense expenditures related to the earplug case had risen to more than $450 million.
Legal hurdles have occurred for the corporation, which is best known for producing Post-It Notes and Scotch tape, in its attempt to shield itself from culpability in the earplugs cases.
In July, 3M (MMM) acquired the earplug maker Aearo Technologies in 2008 and filed for bankruptcy protection due to ongoing legal disputes. In an attempt to finalize a settle...
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