3M Settles US Treasury Probe Over Iran-Related Sales
Portfolio Pulse from Shivani Kumaresan
3M Company (NYSE:MMM) has agreed to a $9.62 million settlement with the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) over alleged sales to an Iranian entity. This follows a recent settlement with the SEC. The settlement addresses 54 apparent violations of OFAC sanctions on Iran, involving sales of reflective license plate sheeting products to a reseller for a customer in Iran. 3M shares are trading lower by 0.49% at $97.01.
September 22, 2023 | 3:11 pm
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3M Company has settled with the U.S. Treasury over alleged sales to an Iranian entity. This could negatively impact the company's reputation and financials.
The settlement with the U.S. Treasury over alleged sales to an Iranian entity could negatively impact 3M's reputation and financials. This follows a recent settlement with the SEC, indicating potential regulatory issues within the company. The news has already impacted the company's stock price, which is trading lower.
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