Largest Mass Tort Settlement in US History: 3M to Pay $6.01 Billion in Military Earplug Cases

3M on Monday agreed to pay $6.01 billion to settle nearly 260,000 lawsuits by current and former U.S. military service members who say they suffered hearing loss from using the company’s earplugs, according to a person familiar with the agreement.

The deal comes after a failed attempt by 3M earlier this year to move the lawsuits, which had grown into the largest mass tort litigation in U.S. history, into bankruptcy court in the hope of limiting its liability.

The money will be paid out mostly over the next five years, the person familiar with the agreement said.