Why 3M Stock Is Higher Today

3M Company MMM shares are trading higher Monday amid reports of the company reaching a $5.5B settlement over Its faulty military earplugs.

The Details:

According to a Bloomberg report, 3M has tentatively agreed to a $5.5 billion settlement to more than 300,000 lawsuits accusing the company of selling defective combat earplugs to the U.S. military. The settlement allows 3M to avoid a potentially settlements related to the earplug cases.

U.S. military service personnel have alleged that they developed hearing loss and tinnitus after using the earplugs manufactured by 3M.

MMM shares are moving higher on heavy trading volume. According to Benzinga Pro, more than 3.94 million shares have already been traded in the session, compared to the stock's 100-day average of 3.755 million shares. 

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MMM Price Action: According to Benzinga Pro, 3M shares are up 4.7% at $103.64 at the time of publication.

Image: Courtesty of 3M Company