The Sacklers are worth an estimated $13 billion.Reuters
- The owners of Purdue Pharma — including members of the Sackler family — have reached a tentative settlement agreement in thousands of lawsuits over what accusers say is misleading marketing of OxyContin that’s been partly responsible for the US opioid crisis, the New York Times reported September 11.
- Some members of the family own Purdue Pharma, the pharmaceutical company that launched the drug OxyContin, while others have distanced themselves from the company and condemned the OxyContin-based wealth.
- The Sacklers are one of the richest families in the US.
- The family’s estimated $13 billion fortune comes primarily from sales of the controversial prescription painkiller, according to Forbes.
- The family is known for its philanthropic endeavors, although many institutions, including museums and universities, have recently cut ties with the Sacklers.
- On August 27, NBC News reported that Purdue Pharma was offering to settle 2,000 lawsuits against the company for between $10 billion and $12 billion, but the company still denies any wrongdoing.
- Visit Business Insider’s homepage for more stories.
The Sacklers are one of the wealthiest families in the US, with an estimated fortune of $13 billion, but they may not be for much longer.
The owners of Purdue Pharma — including members of the Sackler family — have reached a tentative settlement agreement in thousands of lawsuits over what accusers say is misleading marketing of OxyContin that’s been partly responsible for the US opioid crisis, the New York Times reported September 11. The settlement requires the Sacklers to pay $3 billion of their own fortune in cash over the next seven years.
“Purdue Pharma continues to work with all plaintiffs on reaching a comprehensive resolution to its opioid litigation that will deliver billions of dollars and vital opioid overdose rescue medicines to communities across the country impacted by the opioid crisis,” the company said in a statement emailed to Business Insider.
The source of the family’s wealth is OxyContin, the controversial prescription painkiller that many say has fueled the US opioid crisis. Purdue Pharma has faced thousands of lawsuits over what accusers say is misleading marketing of OxyContin that contributed to opioid-related deaths.
The Sacklers are far from a tight-knit family. The Guardian described them in 2018 as “a sprawling and now feuding transatlantic dynasty.” According to a 2017 article from The New Yorker, there are 15 Sackler children in the generation following the founders of Purdue.
While some Sacklers serve as board members of Purdue Pharma, others, notably those descended from eldest brother Arthur M. Sackler, who died before OxyContin was invented, have distanced themselves from the company and condemned the OxyContin-based wealth, according to The Guardian.
Here’s a look at the secretive and controversial family.
