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3M Files Lawsuit Against Unauthorized Vendor Selling 3M-Branded N95’s At 500-600% Premiums

By John F. Heerdink, Jr.

As per reports, 3M (MMM) has filed a lawsuit in federal court in Manhattan against New Jersey-based, Performance Supply LLC on Friday alleging that the company posed itself as an authorized vendor of 3M-branded N95 respirators and offered millions for sale to New York City officials at prices much higher than 3M’s list price.

The lawsuit stated that Performance Supply “offered to sell $45 million in N95 respirators to New York City officials at prices 500-600% over 3M’s list price.” As per the lawsuit, the New Jersey-based company offered about 7 million 3M masks to city procurers on March 30 at over $6, up to 600% of 3M’s list price.

3M stated that it will donate any damages recovered to COVID-19-related nonprofit organizations. 

3M (MMM) is a global science company that seems to never stop inventing. Using 46 technology platforms, their integrated team of scientists and researchers works with customers to create breakthroughs. Their inventions have improved daily life for hundreds of millions of people all over the world. With $30 billion in sales, 90,000 employees connect with customers all around the world. Scientists, researchers, and marketers work across countries and across subjects to solve challenges big and small. To learn more about 3M (MMM) and to track its ongoing progress please visit the  Vista Partners 3M (MMM), Coverage Page

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives. 

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(Read Original Story: 3M sues distributor for alleged price gouging of N95 respirators in New York in Reuters)


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