JPMorgan has cut ties with Purdue Pharma over the OxyContin maker’s alleged role in the U.S. opioid crisis, forcing it to find a new bank to manage cash and bill payments.
The move makes J.P. Morgan the most high-profile corporation known to have distanced itself from Purdue and its owners, the Sackler family.
J.P. Morgan's decision also underscores a drive among U.S. banks to reassess their relationships with clients and industries in response to controversy and political debates over matters such as immigration detention and mass shootings. While not a lender to Purdue, J.P. Morgan's commercial bank managed the company's cash and bill payments, according to the sources. It is not clear how long J.P. Morgan served as Purdue's bank.
Purdue denies it contributed to the U.S. opioid crisis, pointing to U.S. Food and Drug Administration approvals of labels for the company's drugs that carried warnings about risk and abuse associated with treating pain. Purdue and its family owners argue that heroin and fentanyl are currently more significant culprits in the opioid epidemic.
In New York, The Metropolitan Museum of Art, which has a wing named for the Sacklers, and the American Museum of Natural History, said earlier this month they had ceased accepting donations from the family.
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