Two hedge funds join a growing list of institutions reportedly distancing themselves from the Sackler family amid the opioid epidemic.
DeepCurrents Investment Group LLC and Sunriver Management LLC are unraveling financial ties with the Sackler family,The Sackler family owns Purdue Pharma, the OxyContin maker facing thousands of lawsuits for its alleged role in the opioid epidemic.said two hedge funds are distancing themselves from the controversial Sackler family, the owner of the opioid maker Purdue Pharma LP, which faces thousands of lawsuits for its alleged role in spurring on the opioid epidemic.
Sunriver, an almost $600 million hedge fund that was among the top-performing in 2019, told investors that it had relocated from its former offices, which were owned by the Sackler family and the headquarters of Purdue, The Journal reported. People familiar with Sunriver told The Journal that the move was motivated in part by a want among the fund’s leaders to cut back ties with the Sackler family.
The family has denied any wrongdoing and is fighting the charges. So is Purdue. They reached a partial settlement in September with some of the states and cities suing them, which called for the Sacklers to contribute at least $3 billion to settle the charges and surrender ownership of Purdue, The Journal reported. But not all states agreed to the deal, and many of those that did, did not say the Sacklers should pay more, according to The Journal..
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