3M (NYSE:MMM) stock is on the rise Monday after reports claimed the company is closing in on a settlement over an earplugs lawsuit.
According to reports, 3M is likely going to pay $5.5 billion to settle a lawsuit involving its combat earplugs. This comes after Aearo, the 3M unit that made the earplugs, filed for bankruptcy last year to limit the effects of the lawsuits.
If the company does get this settlement agreement, it will bring an end to more than 300,000 lawsuits it’s facing over the earplugs. It also would come in at only about half of the $10 billion it was expected to pay in these cases.
What That Means for MMM Stock
Considering 3M could have paid a lot more in the earplugs lawsuits, investors are happy with the potential $5.5 billion settlement. It will also bring an end to the ongoing litigation, which helps ease investors’ concerns.
As a result of today’s earplugs settlement news, some 236,000 shares are changing hands. That’s still well below its daily average trading volume of about 3.7 million shares. Despite that, the company’s stock is climbing 6.7% as of Monday morning. However, shares are down 19.2% year-to-date (YTD) as of Friday’s close.
Investors looking for even more of the most recent stock market news will want to keep reading!
InvestorPlace has all of the biggest stock market stories worth reading about on Monday! Among that is why shares of Myomo (NYSEMKT:MYO), Rite Aid (NYSE:RAD) and LQR House (NASDAQ:LQR) stock are on the move today. All of that news is ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
