Sacklers cited fear of OxyContin lawsuits before transferring $10 billion from their company, documents show

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Members of the wealthy Sackler family, owners of OxyContin maker Purdue Pharma LP, have long denied that the $10 billion they transferred from their company over the course of a decade was an unlawful attempt to shield assets in anticipation of litigation over their role...

NEW YORK - Members of the wealthy Sackler family, owners of OxyContin maker Purdue Pharma LP, have long denied that the $10 billion they transferred from their company over the course of a decade was an unlawful attempt to shield assets in anticipation of litigation over their role in the opioid crisis.

Purdue faced investigations and litigation before 2007, which it settled. Whether creditors can demonstrate that financial transfers since then were legally dubious hinges in part on whether they can show that the Sacklers knew they faced additional and significant litigation that could threaten Purdue’s solvency and the family’s wealth, estimated in December at $10.8 billion by Forbes magazine.

In a subsequent message, he said the family was “not really braced for” challenges that included “the emergence of numerous new lawsuits.” Jonathan died in June. The message was sent years before David Sackler joined Purdue’s board, at a time he knew little about the company’s affairs, his lawyers said in a court filing.In court filings, the family members contend that Purdue management told them as recently as 2016 that they viewed opioid litigation risk as low and that creditors citing their emails have taken messages out of context.

The opioid epidemic has claimed the lives of roughly 450,000 people across the United States since 1999 due to overdoses from prescription painkillers and illegal drugs such as heroin and fentanyl. Purdue creditors have pursued the company and family through the company’s bankruptcy proceedings, forcing the drugmaker and the Sacklers to turn over tens of millions of documents.

The company has proposed restructuring into an entity run for the benefit of plaintiffs and no longer controlled by the Sacklers, who would contribute $3 billion. The entity also would continue selling OxyContin, which has drawn objections from state attorneys general and Democrats on Capitol Hill.

 

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So if you know they had it and hid it, you can make them produce it.

you can let the billionaires keep all the money or let AI make all the decisions, but next thing you know you hollowed out your kingdoms for a momentary attempted grasp of a brass ring for trust fund babies to squander into nothing. Invest in all.

So, a family of opium dealers are scumbags all around? I’m totally shocked! These are the people worshipped by America’s Republican voters. What a shithole country we are!

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