- US Circuit Court of Appeals judge in Chicago granted 3M Cos mmm insolvent subsidiary, aero technologiesa faster than normal process for reviewing the bankruptcy court’s decision.
- The nod puts more than 230,000 lawsuits accusing the company of harming US soldiers on a faster path to resolution.
- The bankruptcy decision has allowed personal injury claims against 3M, which itself did not file for Chapter 11 protection, to proceed on behalf of US military veterans who allege that the earbuds did not perform as promised.
- The plaintiffs blame a flawed eartip design for their alleged injuries, while 3M says the eartips are safe when used properly.
- 3M has argued that Chapter 11 provides a fair solution to all claimants and pays them faster and more efficiently, the Wall Street Journal reported.
- While personal injury attorneys accused 3M of abusing Chapter 11 to avoid class action lawsuits, it lost.
- In August, a federal judge questioned 3M’s decision to assign several claims related to military earbuds to a bankruptcy court, noting that a company “voluntarily” agreed to assume responsibility for damages before filing for Chapter 11.
- Price promotion: MMM shares are down 4.65% to $108.95 during the premarket session last Check Friday.
Read full story here https://www.benzinga.com/news/large-cap/22/10/29265713/3ms-lawsuit-hit-earplug-unit-earns-faster-review-for-bankruptcy-ruling
