A Minnesota court ruled that 29 companies that wrote insurance for
must cover the consumer products giant up to the policies' maximum for its liability in breast-implant litigation.
3M expects to collect about $250 million from the insurers as a result of the Minnesota Supreme Court decision. The money won't affect its earnings as it will offset part of a previously recorded receivable.
The ruling concludes eight years of litigation between 3M and the insurers. A former 3M unit, McGhan Medical, manufactured silicone-gel breast implants, which became the subject of litigation in the late 1990s amid allegations they were unhealthy and leaked.
3M closed at $144.69, up 87 cents, or 0.6%, Thursday.