SHELL GAME

Prosecutors: Sackler Family Transferred $1 Billion as Concerns Over OxyContin Legal Threats Grew

The attorney general’s office said they found billions in transfers to shell companies by the family that owns OxyContin maker Purdue Pharma.

New York's attorney general accused the family that owns Purdue Pharma—the maker of OxyContin—of using hidden and offshore bank accounts to transfer $1 billion to themselves in court documents filed Friday. According to the Associated Press, the AG's office claims it found previously unknown wire transfers by members of the Sackler family, entities they control and other financial institutions. More specifically, prosecutors claim $20 million went from a Purdue parent company to Mortimer D.A. Sackler—who then allegedly redirected the money to shell companies that own family homes. Another $64 million of transfers to Mortimer D.A. Sackler allegedly came from a previously unknown family trust using a Swiss bank account. The transfers reportedly support the argument that the family has attempted to shield their wealth due to concerns of legal threats.

This comes after New York rejected a tentative settlement agreement from Purdue, who is facing a slew of lawsuits due to their role in the opioid 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. Sackler family representatives did not respond to requests for comment.