Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

3M COMPANY

(MMM)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

3M Loses First Trial Over Military Earplugs -- 2nd Update

04/30/2021 | 03:29pm EDT

By Sara Randazzo

3M Co. lost the first lawsuit to go to trial over the safety of earplugs it sold for years to the military, with a Florida federal jury Friday awarding $7.1 million to three veterans and finding the company failed to warn about defects in the product.

More than 230,000 service members, veterans and others have filed claims blaming 3M earplugs for causing hearing loss. The distinct yellow-and-green plugs, used widely by the U.S. Army and other branches, were designed with one side intended to fully block noise and the other to let in nearby voices while shielding the ear from harmful ballistic noises.

Minnesota-based 3M has stood by the safety of the earplugs, which it stopped selling in 2015. A company spokeswoman said Friday they disagree with the verdict and don't believe plaintiffs met the burden of proving the "product was defectively or negligently designed" or caused the veterans' purported injuries. The company, she said, will evaluate "multiple grounds for appeal."

Attorneys for the veterans said: "The evidence is clear: 3M knew their earplugs were defective, yet they allowed our service members to suffer these life-altering injuries."

The jury verdict follows a five-week trial in U.S. District Court in Pensacola, Fla. The proceeding, along with trials scheduled to take place in May and June, are intended to help shape the outcome of the tens of thousands of other suits that have been consolidated in the Florida court through a process known as multidistrict litigation. Jury verdicts can help set benchmarks for settlement negotiations or provide support for a company's strategy to keep defending itself against the claims.

The jury awarded each of the three men on trial $2.1 million in punitive damages, plus recoveries for medical expenses, lost earnings and pain and suffering.

The number of earplug plaintiffs far surpasses those suing over alleged harms from any other product or drug, including weedkiller, baby powder and blood thinners.

In the tens of thousands of cases, plaintiffs allege 3M knew for years that the second version of its Combat Arms Earplugs had a tendency to loosen imperceptibly and let in more sound than specified. They allege 3M didn't give the military proper instructions on how to get the earplugs to tightly seal.

The company has said the earplugs' design reflected features the military requested and that the U.S. government not only had input in the product's creation but also bore responsibility for training soldiers on how to properly use them.

Plaintiffs' lawyers began focusing on finding earplug users after a 2018 settlement 3M reached with the U.S. Justice Department, in which the company agreed to pay $9.1 million, without admitting to any liability, to resolve allegations that it failed to disclose deficiencies in the product.

Write to Sara Randazzo at sara.randazzo@wsj.com

(END) Dow Jones Newswires

04-30-21 1528ET

All news about 3M COMPANY
05/073M  : Announces Upcoming Investor Events
PR
05/05WALL STREET STOCK EXCHANGE : Yellen brings some relief
05/05TODAY'S ANALYST RECOMMENDATIONS : Qualcomm, 3M, Caterpillar, Paramount, Under Ar..
05/043M  : UBS Adjusts 3M Company PT to $181 From $175, Maintains Sell Rating
MT
05/033M  : Ordered To Pay Over $6 Million Damages in Faulty Earplugs Trial
MT
04/303M  : Loses Court Battle on Military Earplugs, to Pay More than $7 Million in Da..
MT
04/303M Loses First Trial Over Military Earplugs -- 2nd Update
DJ
04/303M Loses First Trial Over Military Earplugs -- Update
DJ
04/30STREET COLOR : Jury Awards Three 3M Company Earplug Plaintiffs $831 Mln in Compe..
MT
04/303M hit with $6 mln punitive damages by U.S. jury in first combat earplug tria..
RE
More news
Financials (USD)
Sales 2021 34 825 M - -
Net income 2021 5 719 M - -
Net Debt 2021 12 645 M - -
P/E ratio 2021 20,8x
Yield 2021 2,92%
Capitalization 118 B 118 B -
EV / Sales 2021 3,74x
EV / Sales 2022 3,56x
Nbr of Employees 95 000
Free-Float 61,2%
Chart 3M COMPANY
Duration : Period :
3M Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends 3M COMPANY
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 202,06 $
Last Close Price 203,07 $
Spread / Highest target 15,2%
Spread / Average Target -0,50%
Spread / Lowest Target -10,9%
EPS Revisions
Managers and Directors
NameTitle
Michael F. Roman Chairman, President & Chief Executive Officer
Monish Patolawala Chief Financial Officer & Executive Vice President
John Patrick Banovetz CTO & EVP-Environmental Responsibility
Veena M. Lakkundi Senior VP-Strategy & Business Development
Michael A. Duran Vice President, Chief Ethics & Compliance Officer
Sector and Competitors
1st jan.Capitalization (M$)
3M COMPANY16.18%117 715
BERKSHIRE HATHAWAY INC.25.68%664 825
HONEYWELL INTERNATIONAL INC.7.56%158 907
SIEMENS AG22.77%140 124
GENERAL ELECTRIC COMPANY23.15%116 756
ILLINOIS TOOL WORKS INC.16.87%75 025