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The settlement requires a public apology from the Sacklers.
Connecticut Attorney General Tong called it a "seismic victory for justice."
Two museum spaces will retain the Sackler name.
“The Sacklers are not bankrupt,” Tong said.
Connecticut Attorney General William Tong said he would appeal the settlement.
"This plan is a far cry from justice," said Tong.
"This is just the beginning of our fight for justice for victims," said New York Attorney General Letitia James.
"This milestone settlement should be approved now -- not delayed, deferred, or risked,” the Stamford drug maker said in a statement.
“Preserving Purdue’s ability to continue selling opioids as a public benefit corporation is simply unacceptable," Connecticut Attorney General William Tong said.
The settlement does not release the company’s executives or owners from criminal liability.
The states attorneys general question if Purdue Pharma is receiving special treatment.
In addition, a White Plains federal bankruptcy court judge has approved the Oxycontin manufacturer’s new three-year lease at its Stamford headquarters at 201 Tresser Blvd.
Purdue Pharma said its request was not "out of a desire to benefit or protect" anyone, "including any member of the Sackler families."