3M Challenges Australia's $1.4B PFAS Lawsuit as Legally Flawed
MMM sits 18% above its 52-week low of $139.34.
Summary
3M told an Australian court it will argue the government's A$2 billion ($1.38 billion) PFAS contamination claim is legally flawed, saying the public nuisance case as pleaded is not available under Australian law. The company also plans to argue that consumer protection claims are time-barred because the alleged conduct occurred decades ago. The lawsuit covers contamination at 28 military bases where 3M's firefighting foam was used from 1966 to 2003, and Australia has already spent A$1.3 billion on cleanup and settlements. The defense filing is due December 11, with the case returning to court that month. This is the largest claim Australia has ever brought, and while the amount is modest relative to 3M's market cap, it adds to the company's extensive PFAS litigation overhang.
At the time of this announcement, MMM was trading at $164.59 on NYSE in the Manufacturing sector, with a market capitalization of approximately $85.3B. The 52-week trading range was $139.34 to $184.90. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.