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NEW YORK (AP) -- Chemical and consumer product manufacturer 3M said Tuesday it has agreed to pay $6 billion to settle lawsuits from U.S. service members who say they experienced hearing loss or other serious injuries after using faulty earplugs made by the company.
The settlement, consisting of $5 billion in cash and $1 billion in 3M stock, will be made in payments that will run through 2029.
Hundreds of thousands of veterans and current service members have sued 3M and Aearo Technologies, a company that 3M acquired in 2008, over their Combat Arms Earplugs. The service members alleged that a defective design allowed the products -- which were intended to protect ears from close-range firearms and other loud noises -- to loosen slightly and allow hearing damage, according to Aylstock, Witkin, Kreis, & Overholtz PLLC, one of the law firms representing plaintiffs.
In an online summary about the litigation, the Florida-based law firm notes that 3M previously agreed to pay $9.1 million to settle a lawsuit on behalf of the government alleging the company knowingly supplied defective earplugs to the U.S. military. And since 2019, the firm added, 3M has lost 10 of 16 cases that have gone to trial -- awarding millions of dollars to plaintiffs to date.
Tuesday's 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 representing the plaintiffs said in a joint statement.
In Tuesday's announcement, 3M maintained that the agreement -- which includes all claims in Florida's multidistrict litigation, coordinated state court action in Minnesota, and potential future claims -- was not an admission of liability.
"The products at issue in this litigation are safe and effective when used properly," the company wrote. "3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled."