(Liberal Voice Network) – In a significant development, 3M made an announcement on Thursday stating that it has reached a comprehensive settlement to resolve numerous lawsuits that accused the company of polluting water supplies across the United States with toxic “forever chemicals.”
As part of the settlement, 3M, renowned for producing popular items such as Post-It notes, Scotch Tape, and N95 masks, among other industrial products, has committed to paying up to $10.3 billion over a period of 13 years. This financial contribution aims to support public water suppliers in the US who have identified the presence of these harmful chemicals in drinking water.
Polyfluoroalkyl and perfluoroalkyl substances (PFAS), commonly referred to as “forever chemicals,” have been discovered in numerous household products, including cosmetics and carpets. They are utilized in the production of coatings that provide resistance to water, grease, and oil. Over the past two decades, 3M has faced thousands of lawsuits pertaining to its use of PFAS in its products. These legal actions allege that 3M had knowledge of the cancer-causing, developmental defects, and other health risks associated with PFAS, as well as the contamination of US drinking water systems. Last year, 3M announced its intention to cease manufacturing these controversial chemicals by the end of 2025.
This settlement from 3M follows similar actions taken by three other companies, namely Chemours, DuPont, and Corteva, who recently agreed to pay over $1 billion to resolve lawsuits related to “forever chemicals.”
Earlier this year, the US Environmental Protection Agency proposed national drinking water standards for PFAS chemicals, citing evidence of their persistent presence in the environment and human bodies.
It’s worth noting that 3M has clarified that its multi-billion dollar settlement should not be considered an admission of liability. Should the court not approve the settlement agreement, the company maintains its preparedness to continue defending itself against litigation.
In a statement, Mike Roman, Chairman and CEO of 3M, emphasized the significance of this settlement as part of the company’s ongoing efforts. He highlighted their previous actions, such as discontinuing the manufacturing of PFOA and PFOS over two decades ago, recent investments in cutting-edge water filtration technology for their chemical manufacturing operations, and the commitment to completely cease PFAS manufacturing by the end of 2025. Following the announcement of the settlement, 3M’s stock experienced a surge of over 5% during after-hours trading.