Industrial giant 3M Co (NYSE:MMM), known for products like Post-It notes and Scotch Tape, has agreed to pay up to US$10.3bn over the next 13 years to settle legal disputes over toxic water contamination in the US.
The suits alleged that 3M’s use of polyfluoroalkyl and perfluoroalkyl substances (PFAS) - known as forever chemicals - in its products led to the contamination of drinking water systems and caused a myriad of health issues, including cancer and developmental defects.
PFAS are widespread and found in various items, from makeup to carpets, due to their water, grease and oil-repellent properties.
Despite the settlement, 3M has not admitted any liability and stated it would continue to defend itself if the agreement isn't court-approved.
The announcement, which comes shortly after 3M vowed to cease all PFAS production by 2025, saw a more than 5% surge in the company's stock in after-hours trading.