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3M (NYSE:MMM) has now lost seven of 12 bellwether trials over its military earplugs after a federal jury in Florida awarded $50M to an Indiana veteran who claimed defective 3M earplugs caused his hearing loss and tinnitus, the Minneapolis Star-Tribune reports.
The verdict marks the third consecutive jury award of $50M against the company in bellwether trials over the company’s combat earplugs; in January, two veterans prevailed in court and won $55M each, while another jury in December awarded $22.5M.
The company maintains the earplugs, which were standard issue to the U.S. military for years, are safe.
“Lawsuits, including PFAS and earplugs, continue to plague the thesis but shares may be fully discounted,” Equanimity Investing writes in a bullish analysis published on Seeking Alpha.