3M’s ‘forever chemicals’ settlement faces objections from 19 states (NYSE:MMM)
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A group of 19 states and three U.S. territories on Wednesday filed a motion to block a proposed $10.3 billion agreement to settle claims against 3M (NYSE:MMM) over “forever chemicals.” They claim the deal doesn’t adequately make the company liable for polluting soil and drinking water.
State attorneys general from California, New York, Texas and the District of Columbia are among the group that seek to intervene against the settlement in a South Carolina federal court. The court is overseeing lawsuits against 3M (MMM) and other companies that made per- and polyfluoroalkyl substances, or PFAS. They’re known as “forever chemicals” because they take years to break down.
The proposed settlement would cover part of the costs for public water systems to test and treat contamination during a 13-year period. The states are seeking much broader relief from the damages related to the chemicals. PFAS are used to make products including firefighting foam, non-stick pans and cosmetics, and some studies have linked them to health problems.
