3M Agreed to Up to $12.5 Billion PFAS Drinking Water Settlement
Company: 3M Company
Summary
In June 2023, 3M Company entered into a nationwide class settlement with U.S. public water systems over claims involving PFAS contamination of drinking water. The settlement was designed to fund testing, treatment and remediation for public water suppliers that had detected PFAS or might detect PFAS in the future. 3M disclosed that the agreement had a nominal value of up to $12.5 billion, with a present-value commitment of up to approximately $10.3 billion, payable over 13 years. The company recorded a $10.3 billion pre-tax charge related to the settlement. The settlement addressed claims by public water systems alleging PFAS-related harm to drinking water and associated costs of monitoring, treatment and remediation. It received final court approval in April 2024. 3M has stated that the settlement does not constitute an admission of liability. Sources: 3M Investor Relations — Public Water Supplier PFAS Settlement https://investors.3m.com/news-events/press-releases/detail/1784/3m-resolves-claims-by-public-water-suppliers-supports 3M Investor Relations — Final Court Approval https://investors.3m.com/news-events/press-releases/detail/1836/3m-settlement-with-public-water-suppliers-to-address-pfas 3M Settlement Agreement https://investors.3m.com/financials/sec-filings/content/0000066740-23-000048/ex101publicwssa.htm