Once a Dividend King, 3M (NYSE: MMM) has cut its dividend. There are a number of reasons for the move, but there's one factor investors should pay particular attention to. Here's why dividend investors should be worried by the depth of 3M's payout cut.

The company has been facing material legal and regulatory headwinds over the last decade or so. One issue is related to the efficacy of earplugs the company sold to the U.S. military. Another relates to the company's production and use of so-called forever chemicals.

These are not small or easy issues that can be quickly addressed. In fact, 3M has spent billions of dollars to resolve the problems, and it is still ongoing.

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Source Fool.com