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Sackler family: Purdue Pharma owners accused of hiding $ 1 billion in Swiss accounts – CBS News, CBS News

Sackler family: Purdue Pharma owners accused of hiding $ 1 billion in Swiss accounts – CBS News, CBS News


                                                       

                                                                                                                                   

                   

                  

    

      

        

Sackler family could pay billions to settle lawsuits                       

             

       

    

      

family that owns OxyContin makerPurdue Pharmaused Swiss and other hidden accounts to transfer $ 1 billion to themselves, New York state’s attorney general contends in court papers filed Friday. New York – asking a judge to enforce subpoenas of companies, banks and advisers to Purdue and its owners, theSackler family– said it has uncovered the previously unknown wire transfers among family members, entities they control and several financial institutions.

The transfers bolster allegations by New York and other states that the Sacklers worked to shield their wealth in recent years because of mounting worries about legal threats.

Scores of those transactions sent millions of dollars to Mortimer DA Sackler, a former member of Purdue’s board and son of one of its founders, according to the filings.

They point to $ 20 million shifted from a Purdue parent company to Sackler, who then redirected substantial amounts to shell companies that own family homes in Manhattan and the Hamptons. Another $ 64 million in transfers to Sackler came from a previously unknown family trust, using a Swiss account, prosecutors said in their filing.

The filing, made in a New York court, follows decisions by that state and others to reject a tentative settlement with Stamford, Connecticut-based Purdue, announced this week, arguing it does not do enough to make amends for the company’s and family’s alleged roles in flooding US communities with prescription painkillers.

As part of the settlement , Purdue is likely to soon file for bankruptcy protection. But New York and other states have promised they will continue to pursue the Sacklers, alleging that family members drained more than $ 4 billion from the company over the past dozen years. The family has used a complex chain of companies and trusts to control their holdings, some located in offshore tax havens.

The Sacklers had an estimated net worth of $ 13 billion as of 2016, making them America’s 19 th- richest family, according toForbes magazine.

In its filing Friday, New York told a state judge that the only way it can determine the full extent of those transfers is if all those it has subpoenaed are forced to provide documents detailing their interactions with the Sackler family.

“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. The limited number of documents provided to us so far underscore the necessity for compliance with every subpoena, “New York Attorney General Letitia James said in a statement.

            

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