3M Gains Victory With Ruling

August 22, 2003

The Minnesota Supreme Court ruled in favor of 3M on Thursday in litigation with its insurers over insurance coverage for breast implant claims.

The court’s ruling reportedly confirms insurance coverage owed to 3M by 29 insurers remaining in the case and holds that these insurers are liable up to the limits of their respective policies. According to 3M, the ruling essentially concludes the eight-year litigation between the company and these insurers. Subsequent proceedings to effectuate today’s ruling are expected.

“We’re very pleased by the court’s decision today requiring insurers to provide the insurance benefits purchased by 3M,” said Richard Ziegler, senior vice president, Legal Affairs and General Counsel. “This ruling is good not only for 3M, but for all policyholders because it reaffirms insurers’ responsibility to meet their coverage obligations.”

3M expects to collect approximately $250 million from these insurers as a result of this decision. This event will reportedly not impact 3M’s earnings, as the amount received will offset a portion of a previously recorded receivable.

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