07:56 AM EDT, 03/26/2024 (MT Newswires) -- 3M ( MMM ) said Tuesday that more than 99% of claimants against the company in a $6 billion settlement over its combat earplugs have been registered before a court-mandated deadline.

Out of 293,000 claims, 249,000 claimants will participate in the settlement while another 41,000 claims have been dismissed by the courts.

Under the terms of the agreement, 3M ( MMM ) said it will pay a total of up to $6 billion between 2023 to 2029 to resolve the litigation. The amount represents a pre-tax present value of $5.3 billion, for which 3M ( MMM ) has previously recorded reserves, the company said.

The class action lawsuit settlement relates to allegations that a version of 3M's ( MMM ) combat earplugs caused hearing loss among US military veterans who wore them.

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