Sackler family may have tried to hide money in face of opioid litigation

The Sackler family, owners of Purdue Pharma, wired at least $1 billion through various financial institutions in a possible attempt to shield its wealth as the family faced a growing number of lawsuits over the opioid epidemic, according to The New York Times.

Purdue Pharma is facing lawsuits from thousands of states, counties and cities across the country, and 26 states have named the Sacklers as defendants, alleging the family had a part in fueling the opioid crisis.

New York Attorney General Letitia James, sent subpoenas to 33 financial institutions last month in an effort to fully quantify the family's wealth. Records from just one of those institutions show $1 billion in wire transfers by the Sackler family through financial institutions, including Swiss bank accounts.

Adam Zimmerman, an expert in complex litigation at Los Angeles-based Loyola Law School told The New York Times that the released information regarding the wire transfers could make it harder for the family to protect their personal wealth in Purdue Pharma's bankruptcy proceedings.

Ms. James told The New York Times that she refuses to allow the Sacklers to misuse the courts to shield their financial misconduct.

Read the full article here.

More articles on opioids:

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AMA: 6 ways states can combat the opioid epidemic

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Historians request permanent, public archive of opioid litigation

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