3M announced Tuesday it will shell out $6 billion after reaching a settlement over claims it sold defective Combat Arms Earplugs that left thousands of United States military members with hearing loss.
The earplugs, used by the military from 2003 to 2015, resulted in increased tinnitus rates during a 14 year period according to at 2019 study.
According to 3M, the company will pay $5 billion in cash and $1 billion in 3M common stock.
"This agreement is not an admission of liability. 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," 3M wrote in a news release.
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Tuesday's announced settlement comes just months after 3M reached a $10.3 billion settlement with a number of U.S. public water systems over claims that the company contaminated drinking water with PFAS, most commonly known as "forever chemicals."
Aearo Technologies, a company acquired by 3M in 2008, made the the Combat Arms earplugs that were the subject of the lawsuit. Aearo filed for bankruptcy in July 2022.