Who is the Sackler family? The Sackler family, a large and currently fractious transatlantic dynasty, is well-known in academic and cultural circles for decades of generous philanthropy towards some of the world’s top establishments, from Yale University to the Guggenheim Museum in the US to the Serpentine Gallery to the Royal Academy in Britain.
What is less commonly known, though it is coming to light more frequently, is that a significant portion of their fortune derives from OxyContin, the popular prescription painkiller that was originally introduced in 1996.
The drug, which is more potent than morphine, is the cause of the opioid crisis. Which now claims the lives of more than 100 Americans every day and has given rise to millions of addicts. A flurry of lawsuits have been filed alleging continued misrepresentations about OxyContin’s safety; the firm had already admitted straining the drug in a 2007 criminal prosecution.
Contrary to their firm, none of the Sacklers are being personally sued for the production of OxyContin by Purdue Pharma, which is controlled by two parts of the family.
Who is the Sackler family? Details on The Purdue-Sackler case
According to a court filing on Thursday, members of the billionaire Sackler family and their company, Purdue Pharma, have reached an agreement with several states that had long opposed the company’s bankruptcy plan. This is an important step towards directing billions of dollars from the family’s fortune to addiction treatment programs nationwide.
The Sacklers would give up to $6 billion if Judge Robert Drain. He has led over Purdue’s bankruptcy affairs in White Plains, New York, and approves the accord. This money would be used to help communities deal with the harm caused by the opioid crisis.
The prize the Sackler family had insisted on for almost three years would be granted in exchange. An end to all pending and prospective legal lawsuits against them relating to the company’s prescription opioid business.
“The Sackler families believe the long-awaited implementation of this resolution is critical to providing substantial resources for people and communities in need,” the families said.
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