{"id":1496868,"date":"2024-10-17T19:25:00","date_gmt":"2024-10-17T23:25:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1496868"},"modified":"2024-10-17T19:25:00","modified_gmt":"2024-10-17T23:25:00","slug":"mckinsey-nears-500-million-settlement-with-doj-over-opioid-probe","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/mckinsey-nears-500-million-settlement-with-doj-over-opioid-probe\/1496868\/","title":{"rendered":"McKinsey Nears $500 Million Settlement With DOJ Over Opioid Probe"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">McKinsey Nears $500 Million Settlement With DOJ Over Opioid Probe<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>McKinsey is going to be paying &#8220;at least $500 million&#8221; to settle probes into the company about its role in helping opioid makers boost their sales.\u00a0<\/p>\n<p>The settlement would add to penalties McKinsey has already paid to U.S. states for its work with opioid manufacturers, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-16\/mckinsey-poised-to-pay-at-least-500-million-in-doj-opioid-probe?sref=6uww027M\">according to Bloomberg<\/a>.\u00a0<\/p>\n<p>In 2021, the firm agreed to pay hundreds of millions to settle claims it contributed to the opioid crisis through sales analysis and marketing advice. McKinsey, which reported $16 billion in revenue last year, denied wrongdoing, stating its work was legal and that it stopped consulting for opioid makers in 2019.<\/p>\n<p>Last May, McKinsey said in a statement:\u00a0\u201cOur past work for opioid manufacturers, while lawful, fell short of the high standards we set for ourselves. We have implemented a rigorous client selection policy and spent approximately $1 billion building, enhancing, and operating our risk, legal, and compliance functions since 2018.\u201d<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/mckinsey123.jpg?itok=fQwZ-Lj2\"><\/a><\/p>\n<p>The <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-16\/mckinsey-poised-to-pay-at-least-500-million-in-doj-opioid-probe?sref=6uww027M\">Bloomberg report says<\/a> that Federal prosecutors in Boston, Roanoke, and Washington are leading the Justice Department\u2019s investigation.<\/p>\n<p>McKinsey recently proposed a $230 million settlement with cities and states, approved by a U.S. judge, though the firm still faces legal risks over its opioid-related work, Bloomberg Law reported.\u00a0<\/p>\n<p>Since 1999, nearly 645,000 people have died from opioid overdoses, with deaths surging in the 2010s and accelerating further during the Covid-19 pandemic due to synthetic opioids.<\/p>\n<p>Thousands of state and local governments are pursuing claims against opioid makers and distributors to recover billions in public funds spent addressing the crisis.<\/p>\n<p>A settlement expected in the coming weeks would resolve the Justice Department&#8217;s criminal and civil investigations, though the terms remain confidential and subject to change.<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Thu, 10\/17\/2024 &#8211; 15:25<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/markets\/mckinsey-nears-500-million-settlement-doj-over-opioid-probe\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/markets\/mckinsey-nears-500-million-settlement-doj-over-opioid-probe<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>McKinsey Nears $500 Million Settlement With DOJ Over Opioid Probe McKinsey is going to be paying &#8220;at least $500 million&#8221; to settle probes into the&#8230;<\/p>\n","protected":false},"author":0,"featured_media":1496869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1496868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1496868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1496868"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1496868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1496869"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1496868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1496868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1496868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}