Investors don’t seem to understand the significance of 3M’s recent PFAS settlement with New Jersey, according to BofA Securities.

M has agreed to pay New Jersey up to $450 million to settle a claims accusing the Minnesota-based company of widespread contamination from so-called forever chemicals, which have affected drinking water in the state.

This time, the state says Minnesota-based 3M will pay up to $450 million to New Jersey to resolve two 2019 lawsuits. That litigation surrounded 3M’s role in contaminating about 1,455 acres in Pennsville and Carneys Point (the Chambers Work site in Salem County). Another was related to the Parlin Industrial Site in Sayreville, Middlesex County.