In ending the relationship with Purdue Pharma, JP Morgan Chase becomes the most high-profile company to disassociate from the drugmaker. Previously, art museums announced plans to forgo donations from Purdue Pharma’s billionaire family owners.
Purdue Pharma faces thousands of lawsuits claiming the company fueled the nationwide opioid crisis through deceptive marketing.
JP Morgan informed Purdue Pharma of its decision in March, saying it had six months to find another bank.
Purdue Pharma reportedly tapped Comerica, based in Dallas, to handle its finances.
“Purdue is a streamlined organization with an exciting pipeline of new medicines and significant cash reserves,” the company told CNBC. “The company has multiple banking relationships and will not have any interruption to its banking and financial service needs.”
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