3M agrees to $10.3 billion settlement in "forever chemicals" claims

3M has struck a $10.3 billion settlement with U.S. cities and towns over claims of water pollution from "forever chemicals," the chemical and manufacturing company announced Thursday.

Why it matters: The settlement in the per- and polyfluoroalkyl substances (PFAS) case that'd be paid over a 13-year period marks a major step in efforts to curb the threat of the chemicals that've been linked to health problems, and which were found to have contaminated drinking water systems.

Minnesota-based 3M is facing thousands of lawsuits over PFAS contamination claims and has pledged to stop making and using "forever chemicals" by the end of 2025 following increased scrutiny from regulators, including the U.S. Environmental Protection Agency.

Yes, but: 3M did not admit liability in its settlement that's subject to court approval.

"If the agreement is not approved by the court or certain agreed terms are not fulfilled, 3M is prepared to continue to defend itself in the litigation," the company said in a statement.