On August 11, 2026, the Hon. Eric C. Tostrud, Chief Judge of the United States District Court for the District of Minnesota, entered an order largely denying the motion to dismiss filed by 3M Company, its Board of Directors, the 3M Benefits Fund Investment Committee, their respective members, and 3M Investment Management Corporation, allowing the amended ERISA class action complaint to proceed. Kahn Swick & Foti, LLC filed the amended complaint on March 31, 2026, on behalf of current and former 3M employees who invested in customized 3M “target-date funds” offered in the 3M Voluntary Investment Plan and Employee Stock Ownership Plan and the 3M Savings Plan (the “Plans”). The amended complaint alleges that the 3M target-date funds underperformed comparable target-date funds, that defendants engaged in prohibited transactions and self-dealing by causing the Plans to pay fees to 3M Investment Management Corporation, a wholly owned 3M subsidiary, in connection with the management of Plan assets, and that defendants breached their fiduciary duties by, among other things, continuing to offer the 3M target-date funds as investment options and failing to monitor the Plans’ fiduciaries. In largely denying the motion, the court held that plaintiffs plausibly alleged that the 3M target-date funds performed substantially worse than comparable Fidelity funds, which “raise[s] a plausible inference of imprudence,” and that plaintiffs’ “allegations, accepted as true, show that [defendant] dealt with Plan assets for its own account,” stating a prohibited-transaction claim under ERISA.