New York

Sackler family made $1B in wire transfers, NY attorney general finds

In this image, a banner reading "Sackler" and "200 each day" is held by three people who stand next to a large number of prescription bottles clustered on the ground.
Members of P.A.I.N. (Prescription Addiction Intervention Now) and Truth Pharm protest on September 12. Photo: Erik McGregor/LightRocket via Getty Images

The Sackler family made roughly $1 billion in wire transfers between themselves and various financial institutions, the New York Times reports.

The big picture: The family's business, Purdue Pharma — which is currently facing thousands of lawsuits for its role in fueling the opioid epidemic — reached a tentative "global" settlement in the nationwide opioids lawsuit this week. That settlement would result in the maker of OxyContin entering bankruptcy.

Michael Bloomberg launches $160M initiative to ban flavored e-cigarettes

Former New York City mayor and billionaire Michael Bloomberg
Michael Bloomberg. Photo: Roy Rochlin/Getty Images

Billionaire and former New York City mayor Michael Bloomberg's philanthropic arm announced plans on Tuesday to spend $160 million over 3 years in an attempt to ban flavored e-cigarettes in the U.S., saying tobacco companies "are preying on America's youth."

Why it matters: Though Bloomberg Philanthropies has backed efforts to curb tobacco use around the world before, this is reportedly the organization's first time financing an anti-tobacco initiative in the U.S., per the Washington Post. The pledge follows state and federal investigations into multiple deaths from an unknown lung illness linked to vaping.