New Jersey has reached a $2 billion settlement with three companies in what is believed to be the largest environmental settlement ever secured by a single state, to address per- and polyfluoroalkyl substances (PFAS), also known as “forever chemicals,” state officials said on Aug. 4.
Under the agreement, the companies—DuPont, Chemours, and Corteva—will pay $875 million over 25 years for the restoration of damaged natural resources and to support abatement efforts, and will create a remediation fund of up to $1.2 billion.
The agreement also requires the companies to establish a $475 million reserve fund to ensure taxpayers are not left with the bill if any of them go bankrupt or are unable to meet their obligations, according to a statement issued by the state attorney general’s office….