REUTERS: JPMorgan Chase & Co has cut ties with Purdue Pharma LP over the OxyContin maker's alleged role in the U.S. opioid crisis, forcing it to find a new bank to manage cash and bill payments, people familiar with the matter said on Thursday.
JPMorgan told Purdue that reputational risks associated with the public backlash against the drugmaker informed its decision to cut business ties, the sources added. Purdue denies it contributed to the U.S. opioid crisis, pointing to U.S. Food and Drug Administration approvals of labels for the company's drugs that carried warnings about risk and abuse associated with treating pain. Purdue and its family owners argue that heroin and fentanyl are currently more significant culprits in the opioid epidemic.
In New York, The Metropolitan Museum of Art, which has a wing named for the Sacklers, and the American Museum of Natural History, said earlier this month they had ceased accepting donations from the family.
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