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3M Stock Pops After Agreeing to Pay Over $5 Billion in Earplugs Settlement. Why Are Investors Liking the News?

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3M Stock Pops After Agreeing to Pay Over $5 Billion in Earplugs Settlement. Why Are Investors Liking the News?: https://g.foolcdn.com/editorial/images/745739/3m-st-paul-monument-place001-rgb.jpg

News of a multibillion-dollar settlement might not seem likely to drive a stock higher, but that's exactly what happened to 3M (NYSE: MMM) on Monday.

According to Bloomberg, the company has agreed to pay more than $5.5 billion to put to rest long-standing litigation accusing it of selling faulty earplugs to the U.S. military. The agreement will resolve more than 300,000 lawsuits from individuals impacted by the earplugs. 3M would reportedly pay out the sum over a five-year period, though the deal is not yet official as its board hasn't approved it yet.

The stock closed up 5.3% on Monday on the news.

Source Fool.com

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