(The Hill) — The attorneys general of all 50 states, Washington, D.C., and four territories have agreed to sign on to a $7.4 billion settlement with Purdue Pharma and the members of the Sackler family who own the company. 

The settlement seeks to resolve thousands of lawsuits over the opioid crisis. The family members would acknowledge their role in contributing to the epidemic with rampant production and aggressive marketing of opioids for decades. 

According to the attorneys general, local governments across the country will now be asked to join the settlement contingent on bankruptcy court proceedings. 

The next hearing is slated for Wednesday, when U.S. Bankruptcy Judge Sean Lane will consider Purdue Pharma’s request to set a schedule to confirm the company’s settlement. 

“There will never [be] enough justice, accountability or money to restore the families whose lives have been wrecked or to right the terrible consequences of the Sackler family’s craven misconduct. What we announce today is both momentous and insufficient, the culmination of years of tumultuous negotiations and legal battles all the way up to the U.S. Supreme Court,” Connecticut Attorney General William Tong (D) said in a statement. 

The settlement was first announced in January. A prior agreement was invalidated by the Supreme Court last June due to a provision in the deal immunizing some members of the wealthy Sackler family from civil lawsuits in exchange for $6 billion.  

If approved, the settlement would be the largest to date with individuals responsible for contributing to the deadly opioid epidemic. Local, state, Native American tribal governments and others have filed thousands of lawsuits seeking to hold manufacturers, distributors and pharmacies responsible.   

The deal was negotiated by a bipartisan team comprised of attorneys general from Connecticut, California, Texas, Colorado, Delaware, New York, Florida, Illinois, Massachusetts, Oregon, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia. 

The settlement would deliver funds to the participating states, local governments, affected individuals and other parties who have sued the Sacklers or Purdue.   

If finalized, most of the settlement funds would be distributed in the first three years. The Sacklers would pay $1.5 billion and Purdue would pay roughly $900 million in the first payment, followed by $500 million after one year, an additional $500 million after two years, and $400 million after three years.