Tag

Legal Settlement

All articles tagged with #legal settlement

McKinsey's $650M Opioid Settlement Sends Warning to Consultants
business1 year ago

McKinsey's $650M Opioid Settlement Sends Warning to Consultants

McKinsey has agreed to a $650 million settlement with the US Department of Justice over its role in advising opioid manufacturers, including Purdue Pharma, during the opioid crisis. The firm admitted to conspiring to misbrand prescription drugs and will face restrictions on future pharmaceutical consulting work. A former senior partner, Martin Elling, will plead guilty to obstructing justice by destroying documents. This marks the first criminal accountability for a consulting firm in such a case, highlighting the legal risks for consultants involved in client misconduct.

McKinsey Settles Opioid Case for $650 Million
business1 year ago

McKinsey Settles Opioid Case for $650 Million

McKinsey & Company has agreed to pay $650 million to settle criminal charges related to its role in promoting OxyContin sales for Purdue Pharma, contributing to the opioid epidemic. The firm will cease any work related to controlled substances and will not contest the charges, which include conspiracy to defraud the U.S. and document destruction. This settlement follows a previous $573 million agreement with state attorneys general over similar allegations.

McKinsey Settles South Africa Bribery Case for $122 Million
business1 year ago

McKinsey Settles South Africa Bribery Case for $122 Million

McKinsey has agreed to pay $122 million to resolve investigations by US and South African authorities into its involvement in a corruption scandal during Jacob Zuma's presidency. The firm admitted to paying bribes to secure consulting contracts with state-owned companies like Transnet and Eskom, earning $85 million in profits. A former senior partner, Vikas Sagar, pleaded guilty to conspiracy charges. McKinsey cooperated with the investigation and expressed commitment to regaining public trust. The settlement funds will be split between US and South African authorities.