All 50 states, D.C., and U.S. territories have approved the $7.4 billion settlement with Purdue.

Reminder: This plan was originally proposed in January after the Supreme Court struck down a previous $6 billion settlement agreement last year.

The details:

If finalized, payouts would occur over the next 15 years, with a significant amount of the funds distributed in the first 3 years. Members of the Sackler family would be expected to contribute $6.5 billion and Purdue around $900,000.
Unlike the settlement the Supreme Court struck down, this agreement would not provide total immunity for the Sackler family members, who did not declare bankruptcy (Purdue did). People could still pursue lawsuits against the members of the Sackler family in civil court.
The agreement sets aside $850 million to compensate direct victims.

Next steps: The settlement will have to first be approved by a federal bankruptcy court and then by localities and individual victims.

Legal experts say this version of the deal is likely to be accepted by the courts and Department of Justice (which challenged the original settlement agreement).

For more: The news here is just that states have signed on — it is the first step toward finalizing the settlement that was proposed earlier this year. For more analysis on the agreement, see our previous summary and Breaking Down the News video.