3M (MMM) shares jumped over 4% in early trading on Monday and it was the best-performing stock in the Dow after r🅷eports the conglomerate tentatively settled lawsuits over accusations of hearing loss 🐽by members of the military who used its earplugs.

3M is expected to pay $5.5 billion to resolve the litigation brought by more than 300,000 veterans in the largest mass tort in U.S. history. However, that would be well below the $10 billion to $15 billion some analysts had anticipated. Negotiations are reportedly continuing, and the company’s board has yet to vote on the proposal.

The plaintiffs claim the earplugs used by the U.S. military an🏅d produced by 3M and Aearo Technologies, a subsidiary it bought in 2008, didn’t protect them from damage caused by loud noises, such as explosions. 3M argued that the product worked correctly when used properly. 

The deal would be the second major settlement by 3M this year. In June, the firm agreed to spend more than $10 billion to h🍃elp municipal water companies address so-called “forever chemicals” produced by 3M that tainted water supplies. 

Despite Monday's gains, shares of 3M remained lower for 2023.