- The Sackler family amassed a $13 billion fortune from Purdue Pharma, which owns OxyContin.
- The family has been accused of fueling the opioid epidemic because of how Purdue marketed OxyContin.
- Many institutions including universities and hedge funds are now cutting ties with the family.
- Read more on Business Insider.
The Sacklers, the billionaire family that controls Purdue Pharma, has been accused of fueling the opioid epidemic because of its handling of the drug OxyContin. About 2,000 lawsuits have been filed against Purdue Pharma and the Sacklers nationwide.
While the family has denied any wrongdoing, many institutions have reconsidered monetary gifts from the Sacklers. Before the lawsuits, the family cultivated a philanthropic image, giving gifts to museums and universities across the world.
Now, many of those institutions are walking back their connections with the family. In addition, funds that managed the family’s fortune and nonprofits the family was involved in have taken steps to dissolve ties. Members of the Sackler family have also left board positions at a number of nonprofits.
It’s reportedly taken a toll on the family, who has amassed as much as $13 billion through Purdue Pharma.
"This situation is destroying our work, our friendships, our reputation and our ability to function in society," wrote Jacqueline Sackler to her lawyers, advisers, and in-laws, according to the Wall Street Journal.
"And worse, it dooms my children. How is my son supposed to apply to high school in September?"
Here’s a list of institutions that have distanced themselves from the family.
1. New York Academy of Arts and Sciences
Kathe Sackler and Mortimer D.A. Sackler, the son of the company’s founder, are no longer on the board of the New York Academy of Arts and Sciences, the Wall Street Journal reported.
The Academy was home to the Sackler Institute for Nutrition Science.
2. The National Portrait Gallery
In Pictures Ltd./Corbis via Getty Images
London’s National Portrait Gallery will not accept a pledge for $1.3 million from members of the Sackler family, saying that taking the donation would be a distraction for the museum.
3. Balter Capital Management
A small Hedge Fund in Boston is giving back more than $90 million from the family, the Wall Street Journal reported. Brian Balter, the founder of Balter Capital Management, made the decision to return the money, which made up a majority of the fund’s $150 million assets under management.
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