3M commits $7.35 bln over 9 years to settle PFAS foam injury claims

 3M said on Tuesday it has agreed to settle the bulk of personal injury claims in the sprawling U.S. litigation over PFAS “forever chemicals” in firefighting foam, committing $7.35 billion over nine years.

The payments have a present value of $5.8 billion, which 3M will book as a pre-tax charge in the fourth quarter. The company said the charge is a special item and leaves its 2026 guidance unchanged.

The deal covers about 99% of current claims, involving 115,000-120,000 eligible plaintiffs inside and outside the federal multidistrict litigation in South Carolina, 3M said. 

It also includes a $680 million reserve for remaining and future claims. 3M will pay $50 million this year and nothing in 2027, with about 20% due in the final two years.

3M said the agreement is not an admission of liability. It also flagged that it can terminate the settlement if plaintiff participation falls below a threshold.

The suits center on AFFF, a firefighting foam used at military bases and airports that contained PFAS chemicals such as PFOS and PFOA, which persist in the environment and accumulate in the body, allegedly causing illnesses and certain kinds of cancer. 

The most common claims had accused 3M of being aware of the risks posed by the chemicals and failing to warn users. 3M had begun phasing out the compounds in 2000 under pressure from the government.