News in brief

3M nears settlement

on firefighting foam

Multinational conglomerate 3M is nearing a settlement with scores of cities and water agencies over firefighting foam made with PFAS, the "forever chemicals" that have tainted groundwater across the country.

3M and plaintiffs' lawyers Sunday asked that a trial scheduled to start Monday in Charleston, S.C., be delayed while mediation continues. U.S. District Court Judge Richard Gergel on Monday granted a motion for the trial's continuance.

"Counsel for the plaintiff and counsel for 3M Company have been in serious settlement discussions to reach a global resolution of the claims of the water district plaintiffs pending against 3M," Gergel wrote in an order Monday.

"The parties informed the court last evening that they have reached a stage in those discussions where they believe a final binding agreement is achievable."

Both 3M and plaintiffs' lawyers told the court Sunday "that they believe their time could be more effectively spent finalizing the agreement and obtaining the necessary approvals rather than commencing the trial."

Last week, DuPont de Nemours Inc., Chemours Co. and DuPont spinoff Corteva Inc. agreed to $1.2 billion settlement before the trial, which pits over 3,000 plaintiffs -- including cities, towns and public water agencies -- against several firefighting foam manufacturers.

-- Star Tribune (TNS)

U.S. services sector

slows down in May

The U.S. services sector nearly stagnated in May as business activity and orders downshifted, while a measure of prices paid slid to a three-year low.

The Institute for Supply Management's overall gauge of services fell to 50.3, the weakest level this year, from 51.9 in April, according to data out Monday. The May reading was barely above 50, which separates growth and contraction, and weaker than all estimates in a Bloomberg survey of economists.

After the figures, yields on U.S. Treasury notes dropped, the dollar fell and traders pared bets on an interest rate increase by the Federal Reserve next week.

The business activity index, which parallels the ISM factory output index, fell for a fourth month to a three-year low of 51.5. Combined with softer orders, the decline indicates service providers are experiencing sluggish demand.

-- Bloomberg News (WPNS)

Arkansas Index loses

14.89 points in day

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 771.95, down 14.89.

"U.S. stocks finished lower on Monday, erasing earlier gains that pushed the S&P 500 to its highest level in nine months," said Chris Harkins, managing director at Raymond James & Associates.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

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