3M finalizes settlement with public water suppliers

3M announced the company’s previously announced settlement agreement with U.S. public water suppliers, or PWS, received final approval from the U.S. District Court in Charleston, South Carolina. The now-finalized agreement will support PWS that detect PFAS at any level or may do so in the future and will benefit U.S.-based PWS that provide drinking water to Americans across the country. The agreement received overwhelming support and participation from U.S. PWS, and the court resolved the small number of objections that were raised in favor of the settlement. As previously disclosed, 3M recorded an accrual of $10.3B for this matter, which reflects the pre-tax present value of the expected payments over 13 years under the agreement. Payments under the agreement are scheduled to begin in the third quarter of 2024, provided there are no pending appeals of the final approval order. 3M also continues to actively engage in insurance recovery activities.