Child pass a sign for JPMorgan Chase at it’s headquarters in Manhattan, New York City.
Spencer Platt | Getty Images
J.P. Morgan Pursuit has ended its relationship with Purdue Pharma over its alleged role in the U.S. opioid crisis, a person familiar with the implication told CNBC on Thursday.
J.P. Morgan, the largest U.S. bank by assets, becomes the most high-profile corporation known to fool disassociated itself from the OxyContin maker, forcing Purdue to look for other banks to manage its bills and money. Reuters first reported the move Thursday.
Purdue, owned by the wealthy Sackler family, faces thousands of lawsuits claiming that the house marketed addictive painkillers while underplaying the risks of abuse and overdose.
The bank’s decision also underscores a ambitiousness among U.S. banks to reassess their relationships with clients and industries in response to controversy and political debates throughout matters such as immigration detention and mass shootings.
After J.P. Morgan informed Purdue in March that it had six months to feel another bank, Purdue tapped Dallas-based regional bank Comerica to handle its financial transactions and accounts, origins familiar with the matter told Reuters.
“Purdue is a streamlined organization with an exciting pipeline of new medicines and important cash reserves,” the company said in a statement. “The company has multiple banking relationships and will not have any interruption to its banking and economic service needs.”
JPMorgan declined to comment.
— Reuters contributed to this report.