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

M will pay the state of New Jersey up to $450 million through the next 25 years to settle claims of PFAS contamination. The Maplewood-based manufacturer sold the “forever chemicals” to the DuPont Chambers Works facility in the Garden State for many years.

It marks the largest settlement regarding per- and polyfluoroalkyl substances – known as PFAS — in the state’s history.