Known for their fortunes racked up from drug companies, the Sackler family is now focusing on worldwide profits after a previous lawsuit resurfaces, Bloomberg reports. The lawsuit was filed in New York, intending to uncover the whereabouts of the billionaire family’s wealth. The renewal of the enduring lawsuit still seeks to find out the investments made by some of the family members using money accrued from the drug company, Purdue Pharma LP.
The opioid connection
In 2018, the Guardian revealed that the Sackler family is ‘feuding’ about accusations linking the family to the widespread opioid epidemic. According to reports, the majority of their wealth is sourced from Purdue Pharma’s product, OxyContin. This prescription painkiller is deemed to be ‘stronger than morphine.’ It is also regarded as the instigator of the opioid crisis that killed over 100 individuals every day back in 2018.
The company has a been facing lawsuits regarding these allegations, as well as for ‘misbranding’ the product as safe, which Purdue Pharma admitted to doing.
In questioning where much of the amassed wealth was invested, it was revealed that the Sacklers placed around $13 billion of their riches to Mundipharma, a global network of companies. According to Bloomberg, these companies are controlled by the Sackler family through trusts and various investment vehicles.
It was discovered that Rosebay Medical Co., one of the investment vehicles funded by the Sacklers, was pointed as a defendant in the resurfacing lawsuit. Moreover, Rosebay was deemed to be one of the parent companies of Purdue Pharma. It was also revealed that it owns Mundipharma companies abroad.
Meanwhile, the World Health Organization asserted that initiatives to uphold demands for opioids by drug companies such as Mundipharma still have the possibility of having detrimental effects on countries and their population.