KSF filed an amended ERISA class action complaint on March 31, 2026, against 3M Company and certain of its officers and directors in the United States District Court for the District of Minnesota on behalf of participants and beneficiaries of 3M’s retirement plans. Plaintiffs allege that defendants breached their fiduciary duties by, among other things, failing to divest underperforming investments, engaging in transactions prohibited by ERISA, using flawed and deficient processes to monitor and disclose fund performance information to plan participants, failing to adequately monitor the implementation of investment strategies, and failing to adequately monitor the administration and management of plan investments. Plaintiffs seek tens of millions of dollars in alleged damages, as well as lost opportunity costs.

KSF filed the initial complaint in August 2025. Although the complaint was dismissed by the court on March 3, 2026, plaintiffs were granted leave to file an amended complaint.