3M makes changes to improve terms of settlement of up to $12.5 billion for ‘forever chemicals’ in drinking water, NY AG says

New York Attorney General Letitia James announced Tuesday that 3M Co.
MMM,
+2.02%
agreed to make “significant changes” to improve the terms of the proposed settlement of $10.5 billion to $12.5 billion for the company’s role in the contamination of drinking water with per- and polyfluoroalkyl substances, also known as PFAS or “forever chemicals.” The previous settlement agreement included a requirement that water providers assume future liability, which put the onus on taxpayers to cover damages caused by pollution. “The uncapped indemnity in favor of 3M, which could have left water systems liable for damages well beyond their expected recovery from the settlement, is removed in its entirety, significantly increasing the value of the settlement to participating water systems,” the NY AG said in a statement. 3M’s stock rose 2.5% in morning trading. Earlier, the company said it would pay up to $6 billion to settle claims that it sold faulty Combat Arms earplugs to the U.S. military. 3M’s stock has lost 11.0% year to date, while the Dow Jones Industrial Average
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has gained 4.5%.