The Sackler family is trying to shield billions in opioid profits through Purdue Pharma bankruptcy, States say
Oregon, based on its own analysis of Purdue records, has said the number is up to $11 billion from 2008 to 2018 … “The Sacklers used the profits from their illegal scheme to become one of the richest families in the world — far wealthier than the company they ran,’’ the states said. “Now, the Sacklers seek to leverage Purdue’s corporate bankruptcy to avoid their own individual accountability.’’ Massachusetts has previously said in court filings, based on its analysis of Purdue financial records, that the family took $4 billion out of Purdue from 2008 to 2016.
Among other things, the states cite deposition testimony stating that the Sackler family took $12 billion to $13 billion in cash out of Purdue Pharma. In light of those sums, the states contend, the Sacklers’ proposed $3 billion contribution to the settlement is not enough. “The Sackler family is trying to take advantage of the fact that they’ve extracted nearly all the money out of Purdue and pushed the carcass of the company into bankruptcy,’’ said North Carolina Attorney General Josh Stein. “That’s unacceptable. Multibillionaires are the opposite of bankrupt.’’
Original Article (Washington Post):
The Sackler family is trying to shield billions in opioid profits through Purdue Pharma bankruptcy, States say
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