Hedge fund ousts family that owns Purdue Pharma

A hedge fund has ousted the billionaire family that controls OxyContin maker Purdue Pharma for its alleged role in fueling the nationwide opioid epidemic, The Wall Street Journal reports.

Citing the Sackler's ties to opioids, Hildene Capital Management told several investment entities of the Sackler family that it was no longer comfortable managing their money.

Hedge fund manager Brett Jefferson told the Sackler entities to start redeeming their investments in Hildene late last year.

"An opioid-related tragedy affected someone with a personal relationship to me and other members of Hildene," Mr. Jefferson told the WSJ last week. "Last year the weight on my conscience led me to terminate the relationship and initiate the redemption procedure."

The Sackler family has attempted to skirt public scrutiny of its role at Purdue Pharma. But as the lawsuits mount and new details emerge, the family has increasingly been blamed.

Purdue Pharma has denied all allegations that it is responsible for the opioid crisis.

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