May 7, 2014 2:15 AM EDT

Attorneys in New England reached a proposed $100 million settlement on Tuesday with the owners of the pharmaceutical operation that produced tainted drugs responsible for the 2012 nationwide meningitis outbreak that killed 64 people.

The $100 million deal will provide compensation to insurers and victims of the outbreak in accordance with a Chapter 11 plan filed by the owners of New England Compounding Pharmacy Inc., according to Bloomberg.

The outbreak, which infected more than 700 people, was largely blamed on a steroid administered by spinal injection that was produced by the company.

A judge must still approve the settlement along with a system that will distribute the funds to victims awaiting compensation.

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