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Purdue’s Sackler Family Transferring Billions of Dollars

September 16, 2019

Source: Law360

The New York Attorney General's Office said Friday it has uncovered roughly $1 billion in wire transfers by the Sackler family, owners of Purdue Pharma, that appear to be an attempt by the family to shield part of its fortune as it defended itself against a myriad of lawsuits alleging it fueled the opioid crisis. New York state issued subpoenas last month to several financial institutions that Purdue does business with. Records from one financial institution alone show that the Sacklers transferred about $1 billion through family trusts and Swiss bank accounts, according to court filings. The Sackler family is reportedly worth about $13 billion, and it’s unclear whether Purdue’s bankruptcy will shield them from liability.

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