3M Stock (NYSE:MMM)
As a news article reported that 3M (NYSE:MMM) stated that U.S. Department of Defense data for more than 175,000 claimants in the Combat Weapons claims revealed that the majority of them had normal hearings, 3M stock jumped as high as 4.3% on Thursday.
According to The Wall Street Journal, the data was included in an estimate motion filed by Aearo Technologies, the 3M (MMM) business responsible for producing the combat earplugs, in U.S. Bankruptcy Court in Indianapolis.
According to 3M’s review of audiometric data from the Pentagon for military personnel who sued the company, the vast majority of plaintiffs did not suffer any hearing loss when compared to international and national norms such as those established by the American Medical Association and the World Health Organization.
The plaintiffs’ co-lead counsel responded that 3M (MMM) had fabricated the evidence. Bryan Aylstock and Christopher Seeger state that over 85% of claimants report hearing loss or tinnitus. They added that 11 of the 13 rulings in favor of the plaintiffs would be regarded unimpaired under the 3M’s (MMM) criterion, as reported by the Journal.
According to a statement released by 3M, around 25% of plaintiffs with hearing loss, as indicated by AMA or WHO criteria, had previously disclosed their condition in tests before using the earplugs manufactured by Aearo.
Moreover, the business claimed that the investigation did not consider other potential causes of hearing loss. Hearing loss that occurred before using the earplugs, injuries sustained while not using the earplugs, and medical issues unrelated to noise exposure are all possible explanations.
Aearo and 3M intend to maintain their defenses in the ongoing multidistrict case and any further appeals.
Although 3M (NYSE:MMM) acknowledges that proper training is necessary for the earplugs to be effective, they maintain that their usage protects troops’ hearing. The war earplugs were initially manufactured by Aero, which 3M purchased in 2008. Aearo reached a deal with its creditors in bankruptcy court last year, and 3M (MMM) stated it would pay for the settlement.
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