So 3M $MMM ended up giving us a nice boost yesterday despite the dire news like it was going to face an existential threat due to another lawsuit that was focused on chemicals and the amount sought was around $145 billion.

However, the industrial conglomerate is reportedly nearing a settlement that would resolve massive potential environmental liabilities. The deal alone won't solve everything 3M is worried about. But for investors, it may be reason enough to grow.

What lawsuit am I talking about?

3M is one of the world's largest producers of per-a polyfluorinated alkyl chemicals (PFAS), which are used to make firefighting foams, among other things. PFAS is now considered by some to be a "forever chemical" that remains in the environment after its intended use and has been linked to cancer and other long-term illnesses.

This has led to lawsuits by municipalities seeking funding to clean up sites and purify groundwater, as well as firefighters and other emergency responders who believe the chemicals have affected their health. As lawsuits proliferate, investors are increasingly concerned about how much liability 3M could face.

But it appears that investors may soon have clarity on the issue. On Friday, Bloomberg reported that 3M has reached a tentative settlement of at least $10 billion to resolve water pollution claims related to the chemicals.