Purdue Pharma and the Sackler Family have reached a settlement that will leave the family with many billions of dollars.

The company is expected to file for Chapter 11 bankruptcy imminently. The settlement, which was described by two people involved in the negotiations, involves the dissolution of Purdue Pharma as it now exists, the formation of a new company that will continue to sell its signature opioid, OxyContin, with the proceeds going to a public beneficiary company that will pay the plaintiffs. Purdue Pharma also will donate “rescue” drugs, several of which are in development, for addiction treatment and overdose reversal.

The Sackler family will pay $3 billion in cash over seven years.

The settlement does not include a statement of wrongdoing.

The company declined to comment.

The settlement is a landmark moment in the long-running effort to compel Purdue Pharma, the company whose drug is seen as an early driver of the crisis, and its owners, the Sacklers, to have their day of reckoning for the deaths of hundreds of thousands of people from overdoses and the calamitous systemic costs.

The settlement comes scarcely six weeks before the start of the first federal trial in the sprawling opioid litigation in front of a federal judge in Cleveland who has recently issued tough pretrial rulings against the defendants — drug manufacturers including Purdue, as well as drug distributors and chain retailers. Although other manufacturers have already settled in that case, as well as in an earlier state opioid trial in Oklahoma, the Purdue agreement is the first so-called “global” arrangement. Negotiated by a team of five lawyers representing nearly 2,300 lawsuits in federal court, as well as by lawyers for the states, the resolution would end almost all of the cases against Purdue…

But because the deal falls short of what some state attorneys general had insisted upon, they have said that they will continue to pursue the Sacklers themselves. In recent weeks, perhaps in anticipation of legal fortresses built by the Sacklers to guard their fortune, which Forbes estimated to be about $13 billion, more states, including Virginia, New Mexico and Delaware, have been filing cases against members of the family. The states have used anarray of legal tactics, hoping for an even bigger payout from the Sacklers and to force them out of the pharmaceutical business altogether.

A critical sticking point has been the timing of the family’s sale of its global pharmaceutical business, Mundipharma, and the contribution the family would make from the proceeds. Some attorneys general, including those from Massachusetts, New York, and Connecticut, who have not signed on to the settlement, had been pressing the family to sell the company immediately and to discontinue manufacturing drugs for international markets. And regardless of what price Mundipharma fetched, the attorneys general said, they wanted the Sacklers to commit an additional $1.5 billion up front.

The family refused to do so.

“Connecticut has not agreed to any settlement,” William Tong, the state’s attorney general, said in a statement. “Our position remains firm and unchanged and nothing for us has changed today.” He added: “I cannot predict whether Purdue will seek bankruptcy, but all I can say is we are ready to aggressively pursue this case wherever it goes — whether it is in the Connecticut courts or through bankruptcy.”