Scammers Target Military Veterans in 3M Earplug Settlement Identity Theft Scam
Portfolio Pulse from Vandana Singh
Scammers are targeting military veterans involved in the 3M Company's $6 billion settlement for earplug-related hearing damage. The scammers are impersonating the settlement administrator, Archer Systems LLC, and soliciting personal information. The Federal Bureau of Investigation has been alerted to the fraudulent scheme. The settlement, announced in August, includes a provision allowing 3M to withdraw if less than 98% of eligible claimants opt-in. The funds will be disbursed from 2023 to 2029, including $1 billion in 3M stock.
October 17, 2023 | 6:25 pm
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3M Company is involved in a $6 billion settlement for earplug-related hearing damage, which is being targeted by scammers. The settlement includes $1 billion in 3M stock.
The news about the scam targeting the 3M settlement could potentially harm the company's reputation, but it's unlikely to have a significant impact on the stock price in the short term. The settlement itself, including the provision of $1 billion in 3M stock, has already been factored into the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100