Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
US-backed Gaza aid group launches bold new system...
Biden doctor pleads the Fifth in speedy House...
Watchdog backs Rubio’s sanctions on UN official over...
Trump taps Sean Duffy to serve as interim...
Trump cautioned Putin he would ‘bomb the s—‘...
I worked for the most successful third party...
‘Gut check time’: Dissent among Senate GOP ranks...
New book reveals what Obama and ‘conqueror’ Trump...
Trump had very unexpected convo with Obama at...
10 reasons the DOJ and FBI face backlash...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

McKinsey & Co. to pay $650M to settle opioid consulting probe, ex-partner to plead guilty

by admin December 19, 2024
December 19, 2024
McKinsey & Co. to pay $650M to settle opioid consulting probe, ex-partner to plead guilty

McKinsey & Company agreed to pay $650 million in a deferred prosecution agreement that will resolve a federal criminal probe into the company’s consulting work advising Purdue Pharma on how to increase sales of its opioid painkiller OxyContin, a court filing said Friday.

A former top partner at McKinsey, Martin Elling, also agreed to plead guilty to obstruction of justice next month in the probe by the U.S. Department of Justice, according to a filing in U.S. District Court in Abingdon, Virginia.

The criminal charging document that McKinsey agreed to have filed by prosecutors alleges the consulting giant “knowingly and intentionally” conspired with Purdue Pharma “and others to aid and abet the misbranding of prescription drugs.”

The document also said McKinsey is accused, through the acts of its then-partner Elling, of “knowingly destroying and concealing records and documents with the intent” to impede the investigation by the Department of Justice.

McKinsey, which previously agreed to pay almost $1 billion to settle lawsuits by states, local governments and others related to its opioid consulting, accepted responsibility for the conduct alleged by federal prosecutors, according to the deferred prosecution agreement.

As part of the deal, McKinsey will not work on any marketing, sale, promotion or distribution of controlled substances.

In a statement to CNBC, McKinsey said, “We are deeply sorry for our past client service to Purdue Pharma and the actions of a former partner who deleted documents related to his work for that client.”

“We should have appreciated the harm opioids were causing in our society and we should not have undertaken sales and marketing work for Purdue Pharma,” the firm said. “This terrible public health crisis and our past work for opioid manufacturers will always be a source of profound regret for our firm has requested comment from McKinsey.”

The company said that in addition to its deferred prosecution agreement with the DOJ, it “has agreed to settle a related civil False Claims Act investigation and to enter into a Corporate Integrity Agreement with the Office of Inspector General at the Department of Health and Human Services.”

This post appeared first on NBC NEWS

previous post
‘There’s always consequences’: GOP rebels plot mutiny against Johnson over government shutdown drama
next post
Awalé Expands BBM Trend to Over 15km with Additional Newly Defined Targets Boba and Fett

You may also like

Warren Buffett — worried about impersonators — says...

October 24, 2024

Delta sues CrowdStrike after widespread IT outage that...

October 29, 2024

OpenAI introduces Operator to automate tasks like vacation...

January 24, 2025

Americans who moved abroad say this big expense...

August 8, 2024

WNBA files trademark application to bring back ‘Detroit...

February 2, 2025

From pandemic struggles to St. Patrick’s Day crowds,...

March 17, 2025

Walgreens doubles down on prescription-filling robots to cut...

May 13, 2025

Kroger chairman and CEO resigns following investigation into...

March 4, 2025

Nvidia’s CEO did a Q&A with analysts. What...

March 27, 2025

Lego is reinventing its iconic brick sets and...

December 25, 2024

Recent Posts

  • US-backed Gaza aid group launches bold new system to deliver food directly to families
  • Biden doctor pleads the Fifth in speedy House closed-door interview
  • Watchdog backs Rubio’s sanctions on UN official over ‘shameful efforts’ targeting US, Israel
  • Trump taps Sean Duffy to serve as interim NASA chief
  • Trump cautioned Putin he would ‘bomb the s—‘ out of Moscow if Russia invaded Ukraine, new book claims

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (819)
    • Investing (2,497)
    • Politics (3,095)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.