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Report: JPMorgan cuts ties with OxyContin maker Purdue Pharma

Paul SchottMay 24, 2019

STAMFORD — JPMorgan Chase & Co., the country’s largest bank by assets, has reportedly cut ties with Purdue Pharma, making it the latest major organization to distance itself from the OxyContin maker in response to hundreds of lawsuits alleging that the firm has fueled the opioid crisis with deceptive marketing of its pain drugs.

The bank had handled cash and bill payments for Purdue, but it decided to sever the relationship in light of the “reputational risks” stemming from the controversy surrounding the company, according to unnamed sources cited by Reuters. JPMorgan purportedly told Purdue in March that it had six months to find another bank; the firm responded by hiring Dallas-based Comerica for the same role.

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