By Jordan Valinsky, CNN
New York CNN —
3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss.
In a release, 3M said the agreement is “not an admission of liability” and that the payout will come over several years and encompass $5 billion in cash and $1 billion in stock.
“The products at issue in this litigation are safe and effective when used properly. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said.
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