3M has reached a $10.3 billion settlement with a host of U.S. public water systems to resolve water pollution claims tied to "forever chemicals," the chemical company announced on Thursday.
The company said the settlement would provide the funds over a 13-year period to cities, towns and other public water systems to test and treat contamination of per- and polyfluoroalkyl substances, or PFAS.
3M, which is facing thousands of lawsuits over PFAS contamination, did not admit liability, and said the money will help support remediation at public water systems that detect PFAS "at any level."
Lawyers for cities and towns that had sued 3M over PFAS contamination did not immediately respond to a request for comment.
Shares of the company jumped about 4% after hours following the announcement.
3M had been scheduled to face a test trial in South Carolina federal court earlier this month in a lawsuit brought by Stuart, Florida. The judge overseeing the case delayed the trial the morning it was set to start.
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. It is one of more than 4,000 lawsuits filed against 3M and other chemical companies.