Latest news with #Sacklers
Boston Globe
2 days ago
- Business
- Boston Globe
Jillian Sackler, philanthropist who defended husband's legacy, dies at 84
Arthur Sackler died in 1987 — nine years before the opioid OxyContin was marketed by the company as a powerful painkiller. Shortly after his death, his estate sold his share of the company to his billionaire brothers, Raymond and Mortimer, for $22.4 million. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up The company's misleading advertising claim that OxyContin was nonaddictive prompted doctors to overprescribe it beginning in the 1990s. The proliferation of the medication ruined countless lives of people who became dependent on it. Advertisement In 2021, the company proposed a bankruptcy settlement in which members of the Sackler family agreed to pay $4.2 billion over nine years to resolve civil claims related to the opioid crisis. In return, they sought immunity from future lawsuits. In 2024, the US Supreme Court struck down that deal. A revised settlement was reached in 2025, with the Sacklers and Purdue agreeing to pay $7.4 billion without receiving immunity. The first payment, within three years, included $1.5 billion from the Sacklers and nearly $900 million from Purdue. Advertisement But the backlash from the crisis prompted universities and cultural institutions — including the Louvre and the Metropolitan Museum of Art — to obliterate the Sackler name from programs, buildings, and galleries, and to declare that they would no longer accept any philanthropy from the family. Jillian Sackler — a British native who was made a dame by Queen Elizabeth II in 2005 for her philanthropic work — mounted a concerted publicity campaign to absolve her husband of any complicity or culpability, repeatedly reminding the public that he had died long before the scandal erupted. While she stopped short of saying that the drug was the 'root cause' of the opioid crisis, she accused the company of misleading advertising. She told The Guardian that the other members of the family 'have a moral duty to help make this right and to atone for any mistakes made.' As for Arthur, she added: 'I think he would not have approved of the widespread sale of OxyContin.' The couple were avid art collectors and patrons. One art scholar described Arthur Sackler as 'a modern Medici.' The couple was associated with major cultural and academic institutions like the Arthur M. Sackler Gallery at the Smithsonian Institution; the Sackler Wing at the Metropolitan Museum; the Arthur M. Sackler Museum at Harvard University (now part of the Harvard Art Museums); the Arthur M. Sackler Sciences Center at Clark University; and the Arthur M. Sackler Center for Health Communications and the Sackler School of Graduate Biomedical Sciences, both at Tufts University. After Arthur Sackler died, his wife continued his philanthropic agenda. Donations from his estate and insurance benefits helped finance the Jillian and Arthur M. Sackler Wing of Galleries at the Royal Academy of Arts in London, the Arthur M. Sackler Museum of Art and Archaeology at Peking University, the Arthur M. Sackler Colloquia at the National Academy of Sciences, and Studio International, an art magazine. Their name was removed from some, but not all, of those institutions. Advertisement Gillian Lesley Tully was born on Nov. 17, 1940, in Stoke-on-Trent, in central England south of Manchester. She changed the spelling of her first name when she moved to the United States to be with Arthur Sackler, whom she met in 1967 when he was visiting London; they married in 1980. Her father, Kenneth Tully, worked at Midland Bank (now HSBC UK). He married a colleague, Doris Queenie-Gillman Smith. Ms. Sackler had a younger brother, Brian Tully, who died in 2019, leaving her no immediate survivors except for Arthur Sackler's children from an earlier marriage. Among them is Elizabeth Sackler, a philanthropist who has described the estimated $13 billion amassed by her aunts and cousins during the opioid crisis as 'morally abhorrent.' Jillian Sackler attended New York University. The couple moved into a home on Park Avenue in Manhattan, where she continued to live after her husband's death. In her role as president and CEO of the Dame Jillian and Dr. Arthur M. Sackler Foundation for the Arts, Sciences and Humanities, Sackler referred to the other branches of her husband's family as the 'OxySacklers.' In an opinion piece in The Washington Post in 2019, she wrote that her husband had been smeared through 'guilt by association.' Advertisement 'Neither Arthur nor his heirs had anything to do with the manufacture or marketing of OxyContin,' she asserted. 'Suggestions that his philanthropy is now somehow tainted are simply false.' She added: 'Arthur is not here to answer back, but I can tell you that blaming him for OxyContin's marketing, or for any other wrongdoing by the pharmaceutical industry, is as ludicrous as blaming the inventor of the mimeograph for email spam.' This article originally appeared in
Yahoo
28-03-2025
- Entertainment
- Yahoo
Kate Bolduan Reveals the Whole Story Behind 2-Year Fentanyl Investigation
Kate Bolduan has seen-and covered-a lot during her nearly two decade tenure at CNN. But the anchor and host still finds herself doing some things for the first time. Bolduan experienced two notable firsts during the two-year process of making Fentanyl in America: A Way Out, a one-hour Whole Story report from the front lines of America's opioid crisis. Premiering Sunday night at 8 p.m., the episode features the voices of addicts and their families, as well as the doctors and first responders that treat them. Bolduan watches and listens to their frequently-wrenching stories, allowing them to shape the story's narrative rather than the other way around. 'It's the first time I've done something in true documentary style,' she tells TVNewser. 'I did not have a thesis statement going in-it only came to us at the end. That was a spectacular learning experience as a journalist and as a person.' Bolduan also made the difficult decision to get personal in the midst of reporting out the episode, speaking on-camera for the first time about her mother's longtime struggle with alcoholism. 'I did not intend to do that, and I'm still not comfortable or ready to talk about it too much,' she says now. 'But as the episode evolved, it felt very natural for me to talk about it in the way that I do.' Certainly, having seen addiction firsthand put Bolduan on common ground with many of her subjects. And she believes that the process of interviewing other family members of addicts over the course of two years helped her better understand her mother, who passed away in 2023. 'I would have loved for her to have seen this,' Bolduan says wistfully. 'I've gained new insight and understanding into some of what she fought through so courageously for a very long time.' Watch an exclusive clip from Fentanyl in America: One family you won't hear mentioned in Fentanyl in America are the Sacklers, the former owners of Purdue Pharma. That company created and marketed OxyContin, the painkiller that's frequently identified as one of the contributing factors to the ongoing opioid crisis. The Sackler family has been at the center of numerous lawsuits over the years. In January, they reached a $7.4 billion settlement with 15 states that prevents them from selling opioids and ends their control of Purdue. Bolduan says that the decision to leave the Sacklers out of the narrative was rooted in her desire to look at the present and future rather than back to the past. 'For most of the people we spoke with, their path towards addiction began with some sort of accident or injury and then being prescribed opioids,' she explains. 'When they became addicted, they sought out heroin and then fentanyl started flooding the supply because it was cheaper.' 'My singular goal with this report was to look at fentanyl in a way that it hasn't been looked at or talked about,' Bolduan adds. 'It's not because we wanted to shy away from [the Sacklers], but it was more about [emphasizing] the fentanyl piece of the crisis.' One of Bolduan's key takeaways from her two years observing the fallout of fentanyl's destructive rise is that there are no easy solutions to the current stage of the opioid crisis. Even as deaths decline and supply chains are cut off, medically-assisted treatments-aided by medications like narcan and buprenorphine-require extensive commitments of time and money. 'It has evolved into a crisis of recovery,' Bolduan notes. 'Most addicts can't just kick this, and that means access, that means education-and that means money. It's not what they want, it's what they need.' Interestingly, the recovery crisis is an area where the Donald Trump administration could choose to have a positive impact. Since taking office, President Trump and other officials in his orbit have focused on the supply side of the fentanyl question through controversial means, such as levying tariffs against countries like Canada and Mexico and pursuing widespread deportations by invoking centuries-old laws. During the 2024 presidential campaign, though, Trump had a memorable interview with podcaster Theo Von where he discussed how addiction impacted his own family. (Trump's brother, Fred Trump Jr., battled alcoholism, which contributed to his death in 1981.) Based on her experience with her mother, Bolduan remembers being struck by those interviews at the time. 'That really resonated,' she says. 'If you have seen addiction personally, you are inherently more invested in trying to find a solution, because the person you love is in there and you want to help them be them again.' 'Supply is part of the problem, but the other side of it that we really explore in the report is the demand problem,' Bolduan adds. 'They have to work in tandem for a long-term solution. Tackling a piece of [the opioid crisis] can be a good thing-but it's not the whole story.'
Forbes
21-03-2025
- Business
- Forbes
Purdue Pharma Files New Bankruptcy Plan—Includes Up To $7 Billion From Sacklers
Purdue Pharma submitted a new bankruptcy plan Tuesday, which will give its creditors more than $7.4 billion in cash—including up to $7 billion in payments from the billionaire Sackler family—to help compensate the victims of the opioid crisis nine months after the Supreme Court struck down the company's previous settlement plan. If all creditors opt-in Purdue's settlement in the Opioid lawsuits could total $7.4 billion. Copyright 2019 The Associated Press. All rights reserved. Purdue made a formal Chapter 11 filing before a federal bankruptcy court in New York and outlined its plan, where the drugmaker would be dissolved and a new 'public benefit company' would absorb its assets. The billionaire Sackler family will have no ownership stake in the new entity—which will work to 'abate the opioid crisis and improve public health,' and be run by a board of directors appointed by the states who sued the company. The new proposal will allow creditors to opt in to receive their settlements—which could total $7.4 billion if everyone does—or opt out and reserve their right to sue the members of the Sackler family. If all creditors opt in, the Sacklers will pay around $6.5 billion in installments over the next 15 years—starting with an upfront $1.5 billion payment the day the plan takes effect. The Sacklers could contribute an additional $500 million to the settlement if their earnings from the sale of their international pharmaceutical companies cross a 'certain value,' the company added. Purdue will contribute all its assets, including $900 million of cash, as part of the settlement. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here . How Does Purdue's New Settlement Plan Differ From The Last One? The earlier bankruptcy plan would have seen the Sackler family pay $6 billion in settlements to creditors—including government, institutions and individuals suing them—and in return, they would be shielded from civil liability over the opioid crisis going forward. Last June, the Supreme Court ruled 5-4 to dismiss this plan—which was first reached in 2022 and later upheld by an appeals court. Justice Neil Gorsuch wrote the majority opinion, which said, 'Nothing in present law authorizes the Sackler discharge.' Under the new plan, creditors who opt out of the settlement can still sue the Sacklers. In its statement, the company said it expects its new plan 'will receive support from the overwhelming majority of its creditors.' According to our estimates, the Sackler family's net worth stood at $5.2 billion in February last year. This is a steep drop from $10.8 billion in 2020. The Sacklers exited the company's board in 2018 and, according to Purdue, 'have had no involvement in Purdue since that time.' Key Background Purdue Pharma, manufacturer of the prescription painkiller opioid OxyContin, and the Sacklers—who formerly owned and ran the company—have been key targets of criticism and lawsuits linked to the opioid epidemic. After being sued by several states and victims, the company filed for bankruptcy in 2019. In its bankruptcy filing, the company proposed a settlement with the plaintiffs that would have seen the Sacklers pay $3 billion and give up ownership. An updated settlement in 2021 raised the amount paid by the Sacklers to $4.5 billion, but this was opposed by the states suing the company and later scrapped by an appeals court that year. The previous settlement, which was approved by lower courts before being dismissed by the Supreme Court, had raised the Sacklers' payout to $6 billion. Despite being involved in the settlements, the billionaire family has stated they acted 'lawfully in all respects' and OxyContin 'unexpectedly became part of the opioid crisis that has brought grief and loss to far too many families and communities.' Big Number $850 million. That is the total amount that will be directly compensated to individual victims of the opioid crisis as part of the settlement plan. This includes people who received OxyContin prescriptions and later became addicted and babies born with withdrawal symptoms after being exposed to the drug in the womb. Supreme Court Kills Purdue Pharma Settlement That Would Have Shielded Sacklers From Liability (Forbes) What The Supreme Court's Purdue Pharma Decision Means For The Sackler Family Fortune (Forbes)
Yahoo
20-03-2025
- Business
- Yahoo
Purdue Pharma files new bankruptcy plan for $7.4 billion opioid settlement
By Dietrich Knauth NEW YORK (Reuters) -Bankrupt drugmaker Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step towards finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year. The payments are aimed at resolving thousands of lawsuits alleging that the company's pain medication OxyContin caused a widespread opioid addiction crisis in the United States. The headline figure had been previously flagged by Purdue and its owners, members of the wealthy Sackler family. The formal bankruptcy plan filed Tuesday, in White Plains, New York, fleshes out the settlement with new details about how the money will be allocated to states, local governments and individuals harmed by the crisis. The cash value of the plan assumes full creditor participation. Purdue said it expects widespread creditor support for the deal. The company plans to begin soliciting votes and opt-in decisions from its creditors in May. After that process is concluded, the plan would be submitted to a U.S. bankruptcy judge for final approval. The new bankruptcy plan was filed nine months after the U.S. Supreme Court upended the company's previous attempt to resolve the lawsuits through a bankruptcy settlement that would have granted the Sacklers sweeping civil immunity from opioid lawsuits. Purdue Chair Steve Miller said that months of intense negotiations have finally put the company back on track to complete a deal that will deliver much-needed money to communities suffering from the harms of opioid addiction. 'We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good,' Miller said in a statement. The Supreme Court ruled last year that the previous settlement, which would have completely shut off opioid lawsuits against the Sacklers, as well as the company, went beyond the bankruptcy court's authority to give a 'fresh start' to bankrupt debtors. The Sacklers contributed money to Purdue's bankruptcy settlement, but did not file for bankruptcy themselves. Purdue's new plan responds to that ruling by giving creditors the choice to opt in to the settlement if they wish to be paid. Those who do not wish to join the settlement are free to pursue lawsuits against the Sacklers, who have said they would vigorously defend themselves in court. The Sacklers are putting up between $6.5 billion and $7 billion for the new settlement, a $1 billion increase over the deal that was rejected last year. Purdue will pay $900 million of its own funds, and make several non-monetary concessions, including transforming itself into a public benefit company devoted to producing medicine for treating opioid use disorder and reversing overdoses. The new plan, like the previous one, aims to ensure that states and local governments use their settlement payments to address the harms of the opioid crisis. The plan will provide around $850 million for individuals harmed by the opioid crisis, including people who were prescribed OxyContin and became addicted, and babies who were born with withdrawal symptoms after being exposed to opioid drugs in the womb. Sign in to access your portfolio
CNN
19-03-2025
- Business
- CNN
Purdue Pharma files new bankruptcy plan for $7.4 billion opioid settlement
Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step toward finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year. The payments are aimed at resolving thousands of lawsuits alleging that the company's pain medication OxyContin caused a widespread opioid addiction crisis in the United States. The headline figure had been previously flagged by Purdue and its owners, members of the wealthy Sackler family. The formal bankruptcy plan filed Tuesday, in White Plains, New York, fleshes out the settlement with new details about how the money will be allocated to states, local governments and individuals harmed by the crisis. The cash value of the plan assumes full creditor participation. Purdue said it expects widespread creditor support for the deal. The company plans to begin soliciting votes and opt-in decisions from its creditors in May. After that process is concluded, the plan would be submitted to a U.S. bankruptcy judge for final approval. The new bankruptcy plan was filed nine months after the U.S. Supreme Court upended the company's previous attempt to resolve the lawsuits through a bankruptcy settlement that would have granted the Sacklers sweeping civil immunity from opioid lawsuits. Purdue Chair Steve Miller said that months of intense negotiations have finally put the company back on track to complete a deal that will deliver much-needed money to communities suffering from the harms of opioid addiction. 'We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good,' Miller said in a statement. The Supreme Court ruled last year that the previous settlement, which would have completely shut off opioid lawsuits against the Sacklers, as well as the company, went beyond the bankruptcy court's authority to give a 'fresh start' to bankrupt debtors. The Sacklers contributed money to Purdue's bankruptcy settlement, but did not file for bankruptcy themselves. Purdue's new plan responds to that ruling by giving creditors the choice to opt in to the settlement if they wish to be paid. Those who do not wish to join the settlement are free to pursue lawsuits against the Sacklers, who have said they would vigorously defend themselves in court. The Sacklers are putting up between $6.5 billion and $7 billion for the new settlement, a $1 billion increase over the deal that was rejected last year. Purdue will pay $900 million of its own funds, and make several non-monetary concessions, including transforming itself into a public benefit company devoted to producing medicine for treating opioid use disorder and reversing overdoses. The new plan, like the previous one, aims to ensure that states and local governments use their settlement payments to address the harms of the opioid crisis. The plan will provide around $850 million for individuals harmed by the opioid crisis, including people who were prescribed OxyContin and became addicted, and babies who were born with withdrawal symptoms after being exposed to opioid drugs in the womb.
