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JPMorgan Chase cuts ties with Purdue Pharma over opioid crisis


Added 05-23-19 05:13:02pm EST - “Banking behemoth JPMorgan Chase & Co has cut ties with Purdue Pharma LP amid continued fallout from the opioid crisis that the OxyContin maker is accused of fomenting.” - Nydailynews.com

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Posted By TheNewsCommenter: From Nydailynews.com: “JPMorgan Chase cuts ties with Purdue Pharma over opioid crisis”. Below is an excerpt from the article.

Banking behemoth JPMorgan Chase & Co. has cut ties with Purdue Pharma amid continued fallout from the opioid crisis, forcing the OxyContin maker to find another bank to handle its financial transactions and accounts.

It’s the highest-profile corporation to have publicly drawn away from the pharmaceutical company, which is being largely blamed for the addiction crisis in which 400,000 people died by overdose between 1999 and 2017, according to the U.S. Centers for Disease Control and Prevention (CDC). More than 700,000 people died in the same period from drug overdoses of all kinds, the CDC says.

Recent years have seen more than 1,600 lawsuits filed against Purdue Pharma, according to NBC News. Among those litigants are 44 states, suing both the company and the Sackler family, which spearheads the corporation. The lawsuits against family members are to ensure that the company does not escape responsibility by transferring assets to the Sacklers, plaintiffs have said.

Municipalities are also suing, seeking damages in the billions of dollars as the bill from opioid harm mounts, Reuters noted.

JPMorgan in March gave the pharmaceutical giant six months to find another bank, Reuters reported on Thursday, citing “people familiar with the matter.” Purdue Pharma has contracted with Comerica Inc. to take over those tasks, Reuters said.

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