I sold most of my position in industrial giant 3M (NYSE: MMM) a little while ago because I couldn't track the progress it was making on major legal issues it faced. Since I reduced my exposure to the company, it has agreed to two large financial settlements. That's good news, but I'm still not ready to view the stock as a buy again.
The two largest legal issues facing 3M lately have been the product liability related to earplugs it sold to the military and the environmental impacts of "forever chemicals" the company produced. I believed when I bought the stock -- and still believe today, even after I've sold most of my stake -- that it will survive this period of uncertainty. But because of the nature of legal concerns, management can't discuss what is going on with either of these problems, and that left me too uncomfortable to maintain a material stake in the company.
Image source: Getty Images.
Source Fool.com