U.S. judge allows 3M, Florida city to delay 'forever chemicals' trial
Corrects spelling of chemical in paragraph 6
City of Stuart sought more than $100 mln for remediation
Trial was due to start on Monday
By Maria Ponnezhath and Clark Mindock
June 5 (Reuters) -A U.S. judge on Monday granted adelay of a trial in a lawsuit brought by aFlorida city against industrialconglomerate 3M Co MMM.N over water contamination from toxic "forever chemicals,"after the parties said they were close to a settlement.
3M shares were down about 3% in afternoon trade.
"The parties informed the Court last evening that they have reached a stage in those discussions where they believe a final binding agreement is achievable in the near future," U.S. District Judge Richard Gergel in Charleston, South Carolina, said in the order.
The judge asked for weekly updates, and said he would reschedule the trial if an agreement is not reached within 21 days.
Set to have been a test case, the lawsuit is one of the more than 4,000 filed against 3M and other chemical companies by U.S. municipalities, state governments and individuals that have been consolidated in the federal court in South Carolina.
The company was scheduled to face trial in the South Carolina federal court on Monday in a lawsuit brought by Stuart, Florida, accusing it of manufacturing PFAS, or per- and polyfluoroalkylsubstances, despite knowing for decades that the chemicals can cause cancer and other ailments.
"We are hopeful that this delay will lead to a meaningful settlement in the near term," said Paul Napoli, a partner at law firm Napoli Shkolnik, who is representing the plaintiffs.
3M spokesperson Sean Lynch said in a statement the parties are "making material and significant progress toward a resolution of this matter."
The city of Stuart claimed in its 2018 lawsuit that the company made or sold firefighting foams containing PFAS that polluted local soil and groundwater, and sought more than $100 million for filtration and remediation.
3M announced in December that it would stop producing PFAS by 2025. It has said in court documents that PFAS have not been linked with health problems at the levels being discovered in drinking water.
Bloomberg News reported last Friday that 3M had struck a tentative $10 billion deal with U.S. cities and towns to resolve the PFAS water pollution lawsuits it is facing. Reuters could not immediately confirm that report.
Dubbed "forever chemicals" as they do not easily break down in the human body or environment, PFAS are used in a wide range of products from non-stick cookware to cosmetics and have been linked to cancer, hormonal dysfunction and environmental damage.
The U.S. Environmental Protection Agency has called PFAS an “urgent public health and environmental issue.”
The agency has taken several steps in recent years to tighten regulations for the chemicals, and in March announced the first-ever national drinking water standards for six of the chemicals.
Threemajor chemicals companies - Chemours Co CC.N, DuPont de Nemours Inc DD.N and Corteva Inc CTVA.N - said on Fridaythat they had reached an agreement in principle for $1.19 billion to settle claims that they contaminated U.S. public water systems with PFAS.
Reporting by Maria Ponnezhath in Bengaluru and Clark Mindock in New York; Additional reporting by Juby Babu, Akanksha Khushi and Aishwarya Nair in Bengaluru; Editing by Kim Coghill, Sonali Paul, Sriraj Kalluvila, Devika Syamnath, Alexia Garamfalvi and Marguerita Choy
Ativos relacionados
Últimas notícias
Isenção de Responsabilidade: As entidades do XM Group proporcionam serviço de apenas-execução e acesso à nossa plataforma online de negociação, permitindo a visualização e/ou uso do conteúdo disponível no website ou através deste, o que não se destina a alterar ou a expandir o supracitado. Tal acesso e uso estão sempre sujeitos a: (i) Termos e Condições; (ii) Avisos de Risco; e (iii) Termos de Responsabilidade. Este, é desta forma, fornecido como informação generalizada. Particularmente, por favor esteja ciente que os conteúdos da nossa plataforma online de negociação não constituem solicitação ou oferta para iniciar qualquer transação nos mercados financeiros. Negociar em qualquer mercado financeiro envolve um nível de risco significativo de perda do capital.
Todo o material publicado na nossa plataforma de negociação online tem apenas objetivos educacionais/informativos e não contém — e não deve ser considerado conter — conselhos e recomendações financeiras, de negociação ou fiscalidade de investimentos, registo de preços de negociação, oferta e solicitação de transação em qualquer instrumento financeiro ou promoção financeira não solicitada direcionadas a si.
Qual conteúdo obtido por uma terceira parte, assim como o conteúdo preparado pela XM, tais como, opiniões, pesquisa, análises, preços, outra informação ou links para websites de terceiras partes contidos neste website são prestados "no estado em que se encontram", como um comentário de mercado generalizado e não constitui conselho de investimento. Na medida em que qualquer conteúdo é construído como pesquisa de investimento, deve considerar e aceitar que este não tem como objetivo e nem foi preparado de acordo com os requisitos legais concebidos para promover a independência da pesquisa de investimento, desta forma, deve ser considerado material de marketing sob as leis e regulações relevantes. Por favor, certifique-se que leu e compreendeu a nossa Notificação sobre Pesquisa de Investimento não-independente e o Aviso de Risco, relativos à informação supracitada, os quais podem ser acedidos aqui.
