3M to pay up to $7.35 billion after lawsuits link its forever chemicals to contaminated water

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The takeaway: Specialty chemicals and industrial products manufacturer 3M has agreed to pay up to $7.35 billion to settle lawsuits that alleged the company was culpable for groundwater contamination from forever chemicals found in many of its products, including firefighting foam, adhesives, and tapes. The money will be paid out to around 120,000 people over a period of nine years.

Under the terms of the agreement, the plaintiffs will receive $50 million this year, followed by yearly payments of more than $1 billion from 2028 to 2033. 3M will be required to pay additional money if more plaintiffs join the class action, but if not enough people get on board, the company reserves the right to cancel payments and continue fighting the case in court.

The lawsuits alleged that people were sickened...

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