Purdue Pharma Owners Allegedly Moved $1B Out of Company Amid Scrutiny

Headline Roundup September 14th, 2019

New York's Attorney General's office announced on Friday that the Sackler family, owners of Purdue Pharmaceuticals, allegedly transferred $1 billion in company assets to personal accounts in an apparent attempt to conceal funds as scrutiny grew over the company's role in the national opioid crisis.

Purdue Pharma Owners Allegedly Moved $1B Out of Company Amid Scrutiny

From the Left
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The New York attorney general's office, as part of an ongoing case against Purdue Pharma and some members of the Sackler family, said in court filings on Friday it's discovered approximately $1 billion the family may have been trying to hide from parties suing them over the opioid crisis.

The filing reflects documents the New York AG's office said it's obtained as a result of subpoenas issued to a number of financial institutions believed to have information related to the defendants in the case. According to Friday's filings, the documents...

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From the Right
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The Sackler family, which owns Purdue Pharma, used Swiss and other hidden bank accounts to transfer around $1 billion from the company to themselves, the New York attorney general’s office claimed Friday.

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 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...

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From the Center
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The New York Attorney General's Office has allegedly uncovered $1 billion in wire transfers by the Sackler family, which owns Purdue Pharma, which could suggest attempts to hide its wealth as it faces litigation over its role in the opioid crisis.

The transfers include some done through Swiss bank accounts, The New York Times reported.

State Attorney General Letitia James (D) reportedly issued subpoenas last month to 33 financial institutions and investment advisers in an attempt to fully discover the family's wealth.

"While the Sacklers continue to lowball victims...

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