Neither did I. I checked API and both inherit AbstractList.equals:
equals
public boolean equals(Object o)
Compares the specified object with this list for equality. Returns true if and only if the specified object is also a list, both lists have the same size, and all corresponding pairs of elements in the two lists are equal. (Two elements e1 and e2 are equal if (e1==null ? e2==null : e1.equals(e2)).) In other words, two lists are defined to be equal if they contain the same elements in the same order.
It does make sense after all.