A U.S. judge on Monday granted a delay of a trial in a lawsuit brought by a Florida city against industrial conglomerate 3M Co 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.
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The 3M global headquarters in Maplewood, Minnesota, is seen on March 4, 2020. (REUTERS/Nicholas Pfosi)
“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.
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.
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The U.S. Environmental Protection Agency has called PFAS an “urgent public health and environmental issue.”