Tip News

September 19, 2019

JPMorgan cuts ties with Purdue Pharma over opioid crisis - Tip News

JPMorgan cuts ties with Purdue Pharma over opioid crisis

JPMorgan cuts ties with Purdue Pharma over opioid crisis
'JPMorgan Chase cut ties with Purdue Pharma to prevent any damage to the bank's reputation over involvement with the pharmaceutical giant and its alleged role in the US opioid epidemic' - By: GETTY IMAGES NORTH AMERICA/AFP/File SPENCER PLATT

JPMorgan Chase cut ties with American pharmaceutical giant Purdue Pharma over its alleged involvement in the US opioid addiction epidemic, a source close to the matter said Thursday.

JPMorgan informed the drug manufacturer it would need to find a new bank to carry out JPMorgan's current responsibilities, which include cash flow management and invoices.

The decision was made in order to prevent any damage to JPMorgan's reputation over to its involvement with Purdue, the source added.

Purdue became a dominant force in the pharmaceutical industry largely due to the blockbuster painkiller OxyContin.

There are hundreds of lawsuits in various states against both Purdue and its owner the Sackler family, who are accused of pushing for the prescription of OxyContin despite knowing how addictive it is.

Purdue Pharma did not immediately respond to AFP's request for comment. JPMorgan Chase declined to comment.

The Sacklers have been high-profile philanthropists to cultural institutions such as the Tate in London and the Guggenheim in New York, but museums and galleries have recently been rebuffing their donations because of the opioid crisis fallout.

The most recent museum to cut ties with the Sackler family is New York's Metropolitan Museum, which announced earlier this month that it will cease accepting gifts from the family.

In 2017, 70,000 people died of overdoses in the US, two-thirds of which have been linked to opioid use.

American banks have increasingly begun to take stances on social issues.

Citigroup, Bank of America and Goldman Sachs took steps to limit their exposure to companies selling firearms, and JPMorgan CEO Jamie Dimon was one of several bank leaders to sign a letter last year denouncing the Trump administration's anti-immigration policies.

Short link: https://tipnews.com/u/OTUyMzg=

See also:

Related articles

Lagarde urges policymakers to resolve manmade economic threats

Lagarde urges policymakers to resolve manmade economic threats

Accustomed to being the first woman in influential leadership positions and speaking frankly to men in power, Christine Lagarde says manmade threats to the global economy can be "man-fixed."Lagarde only last week left her post as head of the International Mo

Amazon pledges to be carbon neutral by 2040

Amazon pledges to be carbon neutral by 2040

Amazon chief Jeff Bezos pledged Thursday to make the US technology and retail giant carbon neutral by 2040 and encourage other firms to do likewise, in a bid to help meet the goals of the Paris climate accord 10 years early."We want to use our scope and our s

FedEx, Walgreens team with Wing for drone delivery test

FedEx, Walgreens team with Wing for drone delivery test

Drone deliveries are coming soon, at least for one Virginia community, as part of a pilot project announced Thursday by Wing, the unit spun out of a "moonshot" lab at Google parent Alphabet.The drone service to launch in October in Christiansburg, Virginia,

Google green energy buys boost 'carbon-free' portfolio

Google green energy buys boost 'carbon-free' portfolio

Google on Thursday announced a record-high boost to its green electricity purchases, saying the deals will spur construction of millions of solar panels and hundreds of wind turbines.The US-based internet giant increased its wind and solar energy portfolio by



HELLO, PLEASE TAKE A MOMENT TO RATE THIS POST JPMorgan cuts ties with Purdue Pharma over opioid crisis

Sending comment Close