New York attorney general exposes $1 billion in wire transfers by Sackler family

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New York Uncovers $1 Billion in Sackler Family Wire Transfers

The New York attorney general’s office said on 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. It was unclear if the new disclosure would change the thinking of any of the parties that agreed to the settlement.

Date: 2019-09-13T20:20:28.000Z
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Sacklers Accused Of Shielding $1 Billion As Hedge Against Litigation

Members of P.A.I.N. (Prescription Addiction Intervention Now) and Truth Pharm staged a protest on Thursday outside Purdue Pharma headquarters in Stamford, Conn., over its recent controversial opioid settlement. Videos for New York Attorney General Exposes $ 1 0:52 NY attorney general uncovers settlementB Sackler family wire transfers CNBC Erik McGregor/LightRocket via Getty Images hide caption

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New York state Attorney General Letitia James says the family that owns Purdue Pharma, maker of the opioid OxyContin, used Swiss bank accounts to transfer $1 billion from the company to itself.

The allegation, which came in court documents filed late Friday, indicates that the Sackler family is trying to keep its wealth free from potential liability in other court cases involving Purdue Pharma’s role in the opioid crisis.

Date: 2019-09-13
Twitter: @NPR
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OxyContin big pharma kingpins hid cash in Swiss bank accounts, NY AG says

The family that owns one of the world’s most notorious opioid manufacturers concealed the funneling of millions of dollars from their company, Purdue Pharma, to family-controlled Swiss bank accounts, the New York Attorney General claimed in court papers Friday.

AG Letitia James said in the court filing that her office has documented the transfer of at least $1 billion between Purdue and the Sackler family, which controls it ‘ possibly suggesting that the pharma barons are attempting to shield their assets.

James is pushing for people connected to the case to be compelled to provide documents that would shed light on their dealings with the Sacklers.

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Purdue Pharma’s Sackler family used hidden accounts to transfer $1B: court docs

The family stands to lose billions after a litany of lawsuits claiming that their company’marketed the painkiller’OxyContin’as nonaddictive’despite’knowing otherwise.

The Purdue Pharma logo at its offices in Stamford, Conn., back in 2007. (AP Photo/Douglas Healey, File)

The transfers support allegations by New York and other states that the Sacklers have worked to shield their wealth in the face of mounting legal threats.

Those transfers include $20 million from a Purdue parent company to former board member Mortimer D.A. Sackler, who then redirected the money to shell companies that own homes in Manhattan and the Hamptons, prosecutors said. Another $64 million came to Sackler from a previously unknown family trust, by way of a Swiss account.

Publisher: Fox News
Date: 2019-09-13
Twitter: @foxnews
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