3M says earplug litigation settlement on track to exceed 98% participation threshold it agreed to

3M Co.
MMM,
+0.01%
said Monday the litigation settlement it agreed to for selling potentially faulty earplugs to the military is on track to exceed the 98% participation threshold by the final registration date of March 25. The company has opted to pay $1 billion of the total of $6 billion in cash, instead of stock, a choice it was allowed once it reached the 98% participation threshold. “The strong support from more than 250,000 eligible claimants who have elected to participate in the settlement and release and dismiss their claims, coupled with ongoing dismissals of claims that do not meet participation or litigation requirements ordered by the MDL Court, are expected to resolve more than 99% of the claims in the litigation by the final registration date,” the company said in a statement. The lawsuits alleged that tens of thousands of people suffered from hearing loss and tinnitus after using the 3M earplugs, said lawyers for the plaintiffs, in a statement in August. The stock was slightly higher premarket but has fallen 17% in the last 12 months, while the S&P 500
SPX,
-0.07%
has gained 20%.