JPMorgan Chase Dumps Purdue Pharma

JP Morgan Chase, the banking giant which handles accounts for Oxycontin manufacturer, Perdue Pharma, has told them to take their business elsewhere. JP Morgan did not lend money to Purdue, but JPMorgan's commercial bank managed the company's cash and bill payments, according to NBC. It’s currently unknown how long the bank handled finances for the pharmaceutical giant. The company is an enormous banker in the United States. According to inside sources, the banker has dropped Purdue Pharma due to its involvement in the opioid industry, and presumably because Purdue faces nearly 2,000 lawsuits in the United States. Banks have always made it a practice to refuse to lend credit to companies with risky ties or lousy credit. Purdue’s ongoing litigation certainly made it easier for the bank to drop them. The company has even considered bankruptcy as a way to free up assets due to the continuing lawsuits. Opioid Lawsuits Taking a Toll Purdue recently settled a lawsuit in Oklahoma for a staggering 270 million dollars. The money will…

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