On June 22, 2023, a settlement valued up to $12.5B was announced with the 3M Company to address contamination of U.S. public drinking water supplies with PFAS “forever chemicals.” The settlement was announced in the context of ongoing multi-district litigation (MDL) against 3M by public water providers all over the country claiming that PFAS released
On October 18, 2021, EPA issued its “PFAS Strategic Roadmap: EPA’s Commitments to Action 2021-2024.” This roadmap sets out EPA’s action plan for minimizing the release of PFAS into the environment. On September 6, 2022, EPA proposed to designate Perfluorooctanoic Acid (PFOA) and Perfluorooctanesulfonic Acid (PFOS), two PFAS compounds, as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). Recently, EPA announced it was pushing back its target for this hazardous substance designation to February 2024. This designation could result in sellers being strictly liable for costs associated with onsite and offsite contamination from PFAS, regardless of whether the risk of contamination is known at the time of purchase. But doing so could raise major concerns for the real estate market, which, until recently, had turned a blind eye to PFAS related issues.
Before entering a business transaction involving real estate with potential environmental concerns related to PFAS, parties should consider the following to protect their interests.Continue Reading Key PFAS Considerations for Real Estate Transactions