New York Uncovers $1 Billion in Sackler Family Wire Transfers

Posted on Friday, 13th September 2019 @ 10:03 PM by Text Size A | A | A

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The New York attorney general’s office said Friday that it had tracked about $1 billion in wire transfers by the Sackler family, including through Swiss bank accounts, suggesting that the family tried to shield wealth as it faced a raft of litigation over its role in the opioid crisis.

Earlier this week, thousands of municipal governments and nearly two dozen states tentatively reached a settlement with the Sackler family and the company it owns, Purdue Pharma, maker of OxyContin. But the attorneys general of a majority of states, including New York and Massachusetts, are balking at the proposed deal, contending that the Sackler family has siphoned off company profits that should be used to pay for the billions of dollars in damage caused by opioids.

The wire transfers are part of a lawsuit against Purdue and individual Sacklers in New York. Letitia James, now the state’s attorney general, had issued subpoenas last month to 33 financial institutions and investment advisers with ties to the Sacklers in an effort to trace the full measure of the family’s wealth.

“While the Sacklers continue to lowball victims and skirt a responsible settlement, we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct,” Ms. James said in a statement. “Records from one financial institution alone have shown approximately $1 billion in wire transfers between the Sacklers, entities they control, and different financial institutions, including those that have funneled funds into Swiss bank accounts,” she added.

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The Sackler family got richer than the Rockefellers by marketing Oxycontin in ways that kickstarted the global opioid epidemic, whose body count continues to rise — more than 200,000 dead in the US alone, which is more Americans than died in the Vietnam war.

The maker of OxyContin has reached a settlement with the state of Oklahoma over the prescription painkiller’s role in the nation’s deadly opioid crisis, officials said on Tuesday… Individuals familiar with the matter said that Purdue Pharma LP and members of the Sackler family who own the company reached a $270m settlement, Reuters reported. 

A group made up of more than 500 cities, counties and Native American tribes across the United States has filed a massive lawsuit accusing members of the Sackler family, who own the maker of the opioid painkiller OxyContin, of helping to create “the worst drug crisis in American history”.

As backlash against America’s painkiller addiction grows, gedge fund Hildene Capital Management has cut ties with the billionaire family that controls the OxyContin maker Purdue Pharma. According to The Wall Street Journal, Hildene fund manager Brett Jefferson forced the Sackler family who is invested in the $10 billion fund to start redeeming their investments.

The Massachusetts attorney general is targeting Purdue Pharma and eight members of the Sackler family who own the company, alleging in a lawsuit they are “personally responsible” for deceptively selling OxyContin. 

Members of the multi-billionaire philanthropic Sackler family that owns the maker of prescription painkiller OxyContin are facing mass litigation and likely criminal investigation over the opioids crisis still ravaging America. Some of the Sacklers wholly own Connecticut-based Purdue Pharma, the company that created and sells the legal narcotic OxyContin, a drug at the center of the opioid epidemic that now kills almost 200 people a day across the US.

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