Shares of 3M (NYSE: MMM) were gaining today on news that the conglomerate had reached a multibillion-dollar settlement in a lawsuit regarding faulty earplugs used by the U.S. military.

As of 10:07 a.m. ET, the stock was up 4.5% on the report.

Yesterday, Bloomberg reported that 3M had agreed to pay more than $5.5 billion to settle more than 300,000 claims that its earplugs used by the U.S. military were defective.

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Source Fool.com