3M’s (NYSE:MMM) stock jumped more than 10% on Friday morning after Bloomberg News reported the company agreed to a tentative settlement of at least $10 billion with a variety of U.S. cities and towns to resolve water pollution claims tied to “forever chemicals.”
The possible agreement requires board approval, people familiar with the talks told Bloomberg News.
The report came the same day DuPont de Nemours (DD), Chemours (CC) and DuPont spinoff Corteva (CTVA) announced a $1.185 billion deal to settle pollution claims related to per-and polyfluoroalkyl substances, or PFAS. They’re known as forever chemicals because they don’t break down easily in the environment or in animal tissue.
The settlements are part of a much bigger potential liability that PFAS makers face.
3M (MMM), the biggest maker of PFAS, is considering the settlement as the company faces its first federal court trial over the chemicals on June 5 in Charleston, South Carolina, Bloomberg News reported, citing people familiar with the matter.
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