3M reaches $6 billion settlement over military hearing loss lawsuit

Manufacturing giant 3M agreed Tuesday to pay $6 billion to settle all of the hundreds of thousands of claims filed by military veterans who said they suffered from hearing loss during their service due to the company's earplugs.

3M stressed when announcing the settlement that the "agreement is not an admission of liability" and its earplugs are "safe and effective when used properly."

More than 300,000 veterans had submitted claims stating that the earplugs had damaged their hearing or caused tinnitus, which is a constant buzzing sound in the ears.

The plaintiffs had said the company's CAEv2 earplugs would loosen and reduce their effectiveness while in the ear, according to The Washington Post.

Aearo Technologies produced the earplugs until 2008 when 3M acquired the company. The military purchased the earplugs from 2003 to 2015, according to court documents.

The $6 billion settlement, which will be paid out between 2023 and 2029, will include $5 billion in cash with the remainder in 3M common stock.

"This historic agreement represents a tremendous victory for the thousands of men and women who bravely served our country and returned home with life-altering hearing injuries," attorneys for the plaintiffs said.

3M has settled numerous legal challenges this year. 

The U.S. Securities and Exchange Commission said late last week that 3M agreed to pay more than $6.5 million to resolve charges related to overseas trips that the company's China-based subsidiary took Chinese government officials on.

Additionally, 3M paid $10.3 billion in June to settle multiple lawsuits dealing with water contamination.

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