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

Date: September 14, 2019     |     Contributor:  

Source:  CNN (9/14/2019)     |     Category:
Legislation, Regulation & Litigation, Policy Makers,

Summary and Analysis…

This article introduces an additional facet of the investigation into the Sackler family, its relationship to Purdue Pharma and the opioid crisis.

Although the Sackler family denies the allegations, the New York attorney general is claiming the family moved money in an attempt to protect it from investigators and/or litigation. This allegation comes on the heels of news reports about a proposed settlement of the more than 2,000 cases pending against Purdue for its role in causing the opioid crisis.

Excerpted from CNN

New York (CNN) Authorities have identified about $1 billion in wire transfers between the owners of pharmaceutical giant Purdue Pharma, the entities they control and different financial institutions, New York Attorney General Letitia James said Friday.

The discovery of the wire transfers comes as amid growing allegations by New York and other states that the Sackler family is moving billions of dollars offshore to protect their wealth. It also follows news two days ago of a proposed settlement by Purdue Pharma to thousands of states, counties, cities and tribal governments in their ongoing lawsuit accusing the company of fueling the nation’s opioid epidemic.
The New York attorney general’s office is trying to determine how much money the Sacklers have amassed and where it is. Details about the wire transfers, including some that authorities say were funneled through Swiss bank accounts, were released as part of a new court filing by Attorney General James in the ongoing lawsuit.
“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,” James said in a written statement. “The limited number of documents provided to us so far underscore the necessity for compliance with every subpoena.”
Source Publication: CNN