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3M UPDATE: After 3M announced plans to spinoff its healthcare business into a new public company, two US Military veterans sued the company to block the planned spinoff, which they called an illegal attempt to avoid compensating veterans for hearing damage caused by the company’s military issue earplugs. The veterans lawsuit states that the spinoff is merely an attempt by 3M to “wall off” assets, shielding them from being able to pay creditors, a violation of Florida law. The case is due to go before US District Judge, M. Casey Rodgers, who has already been harshly critical of the company’s legal strategy. 3M spokesperson Tamara Sander stated in an email “the suit is without merit and we will vigorously defend ourselves.” Ashley Keller, a lawyer for the veterans said in a statement: “Fortunately, the law does not allow companies to gift their assets to shareholders when doing so leaves them unable to pay their debts”. (Reuters) (Law360) (Bloomberg)