The bankrupt pharmaceutical firm Purdue is owned by the billionaire Sackler family. Now, two hedge funds loosen their ties to the Sackler single family office.
Purdue Pharma: OxyContin lawsuits because of the opioid epidemic
The Sackler family’s company Purdue Pharma L.P. was one of the most successful U.S. pharmaceutical companies. More than 5,000 employees were working for the company, yearly revenues were above $3BN. In 2007, the company pleaded guilty to misleading the public about its product OxyContin and agreed to pay $600M. Purdue (and the Sackler family behind the company) is made responsible for the opioid epidemic in the United States. In 2019, Purdue filed for bankruptcy, after negotiations for a $10-12BN settlement. An audit from AlixPartners alleged the Sackler family to have withdrawn $10.7BN from the company since the first legal charges.
Hedge funds returning funds to Sackler Single Family Office Kokino LLC
Now, the two well-known hedge funds DeepCurrents Investment Group LLC and Sunriver Management LLC return funds to Kokino LLC, a family office of the Sackler family, according to a report of the Wall Street Journal. Thereby, the hedge funds distance themselves from the controversial family. DeepCurrents is a NY-based relative value hedge fund, Sunriver Management is a well-performing hedge fund with more than $500M assets under management. A speaker of the Sackler family contradicts the WSJ article, according to MarketsInsider.
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