Richard Sackler
Former president and co-chairman of the board of Purdue Pharma
- Entries
- 8
- On the record
- 4
- Stories
- 1
- Latest entry
- Dec 16, 2021
The record
Richard Sackler sat on the board of Purdue Pharma, the family company that made OxyContin, from 1990 to 2018. He was its president from 1999 to 2003 and chaired the board from 2004 to 2007. The U.S. Supreme Court's 2024 opinion on Purdue's bankruptcy records that a Purdue affiliate pleaded guilty in 2007 to misbranding OxyContin, and that the family's distributions from the company between 2008 and 2016 totaled approximately $11 billion.
His own words entered the record through litigation. In 2019 a lawsuit by Connecticut's attorney general made public a 2001 email in which he wrote that abusers are not victims but victimizers; in a deposition that March he said his views had evolved. Purdue and the family denied wrongdoing. When Purdue filed for Chapter 11 in September 2019, the family agreed to pay at least $3 billion and give up the company.
The first plan built on that deal was approved by a bankruptcy judge in September 2021, with a $4.5 billion Sackler contribution in exchange for protection from lawsuits. In December 2021 U.S. District Judge Colleen McMahon rejected it, finding bankruptcy law did not allow releases for non-debtors like the Sacklers, the position the Supreme Court later took in 2024. The later rulings and the $7.4 billion settlement are covered in the story on this file.
Roles and honours on the record
Every entry, newest first
- Reported
Testified that neither the family, the company nor its products bore responsibility for the opioid epidemic, the New York Times reported. Sackler family agrees to $7.4B Purdue Pharma opioid settlement
Stories in this file
The record, entry by entry
- 2007 Admitted A Purdue affiliate pleaded guilty to a federal felony for misbranding OxyContin as less addictive and less subject to abuse than other pain medications, the Supreme Court's 2024 opinion records. U.S. Supreme Court opinion, Harrington v. Purdue Pharma L. P., No. 23-124
- 2008 Official After the 2007 plea the Sacklers began taking as much as 70% of Purdue's revenue a year, up from less than 15% before it; between 2008 and 2016 the family's distributions totaled approximately $11 billion, the Supreme Court's opinion records. U.S. Supreme Court opinion, Harrington v. Purdue Pharma L. P., No. 23-124
- 2019-05 Reported A 2001 email in which Sackler wrote that "Abusers aren't victims; they are the victimizers" was made public in a lawsuit by Connecticut's attorney general. In a March 2019 deposition he said his views had evolved; Purdue and the family denied wrongdoing, CBS News reported. CBS News report
- 2019-09-15 Filed Purdue filed for Chapter 11 bankruptcy in White Plains, New York. The family agreed to pay at least $3 billion and contribute the company, and Purdue's chairman said it had not admitted wrongdoing and did not intend to, CBS News reported. CBS News report
- 2019-12 Reported An AlixPartners analysis for Purdue found the Sacklers had withdrawn about $10.4 billion from Purdue and affiliated businesses since 2008, including $4.7 billion for taxes. A lawyer for one family branch said more than half was paid in taxes and reinvested, CBS News reported. CBS News report
- 2021-09-01 Ruled A federal bankruptcy judge conditionally approved Purdue's reorganization plan, under which the Sacklers would give up ownership, contribute $4.5 billion and be shielded from lawsuits. Family members said they disputed the allegations but were truly sorry for the suffering and loss. CBS News report
- 2021-12-16 Ruled U.S. District Judge Colleen McMahon rejected the plan, finding federal bankruptcy law did not let the bankruptcy judge grant releases to non-debtors such as the Sackler family members. Purdue said it would appeal. CBS News report
Documents
Sources behind this file
- New York Attorney General press release
- Justice Department press release (Office of Public Affairs)
- Justice Department press release (District of New Jersey)
- Ars Technica report on the Supreme Court ruling
- Reuters report on the Supreme Court pause
- CBS News report on the 2nd Circuit ruling
- AP report on the 2nd Circuit ruling
- CNN report on the bankruptcy judge's approval
- NPR report on the $6 billion settlement
- New York Times report on the overturned settlement
- New York Times report on the dissolution of Purdue
- AP report on the plea agreement