Judge Rejects 3M’s Attempt to Resolve Earplug Lawsuits Through Bankruptcy

A U.S. judge on Friday dismissed the bankruptcy of 3M subsidiary Aearo Technologies, rejecting an effort to resolve nearly 260,000 lawsuits alleging that 3M military earplugs caused hearing loss for veterans and U.S. service members.

U.S. Bankruptcy Judge Jeffrey Graham in Indianapolis ruled that Aearo, as a well-supported subsidiary of 3M, enjoys a “greater degree of financial security than warrants bankruptcy protection.”

The lawsuits, which have been consolidated in federal court in Pensacola, Florida, are the largest mass tort in U.S. history, with nearly 330,000 cases filed and approximately 260,000 pending cases, according to court statistics from March.

Read the source article at finance.yahoo.com