Exclusive: JPMorgan cuts ties with OxyContin maker Purdue Pharma -...
The move makes JPMorgan, the largest U.S. bank by assets, the most high-profile corporation known to have distanced itself from Purdue and its wealthy owners, the Sackler family, amid thousands of lawsuits alleging the company pushed addictive painkillers while downplaying their abuse and overdose risks.
“Purdue is a streamlined organization with an exciting pipeline of new medicines and significant cash reserves,” the company said in a statement. “The company has multiple banking relationships and will not have any interruption to its banking and financial service needs.”
U.S. states, counties and cities are seeking billions of dollars in damages to address harm from opioids. Nearly 400,000 people have died after overdosing on opioids between 1999 and 2017, according to the latest data from the U.S. Centers for Disease Control and Prevention. More than half the deaths resulted from prescription painkillers.