New York prosecutors say that they have uncovered $1 billion in wire transfers made by the Sackler Family, the owners of Purdue Pharma, as the company faced a litany of opioid lawsuits.
The New York attorney general’s office announced Friday that it had tracked about $1 billion in wire transfers by the family, including through Swiss bank accounts, suggesting that they may have tried to shield their wealth as the company a raft of litigation over its role in the opioid crisis. 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 earlier this week over their role in the opioid crisis.
However, attorneys general of several states, including New York and Massachusetts, have balked at the proposed deal, contending that the Sackler family has received profits that should be used to pay for the billions of dollars in damage caused by the epidemic.
“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,” New York Attorney General Letitia James said in a statement. “Records from one financial institution alone have shown approximately $1 billion in wire transfers between the Sacklers, entities they control, and different financial institutions, including those that have funneled funds into Swiss bank accounts,” she added.