Summary by Moomoo AI
On January 26, 2024, 3M Company, a multinational conglomerate corporation, amended a settlement arrangement related to litigation over Combat Arms Earplugs (CAE), which were sold or manufactured by its subsidiary Aearo Technologies LLC and related entities. The amendment stipulates that 3M will pay $1 billion in cash rather than in stock, as was previously an option under the original settlement terms. This decision comes after the company reached a settlement in August 2023 to resolve the CAE litigation with a total payment of $6 billion spread from 2023 to 2029, contingent upon 98% participation from claimants. As of January 29, 2024, 3M announced that claimant participation is expected to exceed the 98% threshold by the final registration date of March 25, 2024. The settlement is anticipated to resolve over 99% of the claims. The company's decision to pay in cash was disclosed in a press release and is part of a broader update on the settlement's progress.