Stock Market News

McKinsey close to settling US opioid investigations, sources say

2024.10.16 17:35

By Nate Raymond and Mike Spector

(Reuters) -Consulting firm McKinsey & Co is close to an agreement with U.S. prosecutors to pay more than $500 million to resolve longstanding federal investigations into its past work helping opioid makers boost sales that allegedly contributed to a deadly addiction epidemic, two people familiar with the matter said.

A deal, which has not been finalized, would resolve U.S. Justice Department criminal and civil probes, the people said.

The time frame for the announcement of any agreement remained unclear, they said. The terms of the settlement could change as negotiations continue, one of the sources said.

McKinsey and the Justice Department declined to comment. Bloomberg earlier reported that McKinsey was close to resolving the probes.

Federal prosecutors have been investigating McKinsey’s role in the opioid epidemic, focusing on its work advising OxyContin maker Purdue Pharma and other drugmakers, Reuters reported in April.

The probe examines whether McKinsey engaged in a criminal conspiracy when advising pharmaceutical manufacturers on marketing strategies to boost sales of prescription painkillers that led to widespread addiction and fatal overdoses.

© Reuters. FILE PHOTO: The McKinsey & Company logo is displayed at the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 21, 2023. REUTERS/Benoit Tessier/File Photo

McKinsey has already reached separate agreements totaling nearly $1 billion to settle widespread opioid lawsuits and other related legal actions. These settlements involve all 50 states, Washington, D.C., U.S. territories, various local governments, school districts, Native American tribes, and health insurers.

In 2019, McKinsey announced it would no longer advise clients on opioid-related businesses. The company has maintained that none of the settlements contain admissions of liability or wrongdoing.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 104,975.13 0.58%
ethereum
Ethereum (ETH) $ 3,326.91 1.11%
xrp
XRP (XRP) $ 3.13 0.91%
tether
Tether (USDT) $ 1.00 0.00%
solana
Solana (SOL) $ 255.91 2.76%
bnb
BNB (BNB) $ 687.64 0.70%
usd-coin
USDC (USDC) $ 1.00 0.02%
dogecoin
Dogecoin (DOGE) $ 0.353365 1.39%
cardano
Cardano (ADA) $ 0.992651 1.69%
staked-ether
Lido Staked Ether (STETH) $ 3,320.54 1.09%
tron
TRON (TRX) $ 0.252017 1.48%
chainlink
Chainlink (LINK) $ 25.54 2.43%
avalanche-2
Avalanche (AVAX) $ 37.50 6.15%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,964.73 1.14%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 104,747.06 0.40%
hedera-hashgraph
Hedera (HBAR) $ 0.342024 2.87%
stellar
Stellar (XLM) $ 0.423562 1.00%
the-open-network
Toncoin (TON) $ 5.05 0.36%
sui
Sui (SUI) $ 4.15 0.20%
shiba-inu
Shiba Inu (SHIB) $ 0.00002 0.34%
weth
WETH (WETH) $ 3,325.84 1.04%
polkadot
Polkadot (DOT) $ 6.34 0.59%
litecoin
Litecoin (LTC) $ 124.20 2.32%
bitget-token
Bitget Token (BGB) $ 7.55 2.47%
leo-token
LEO Token (LEO) $ 9.78 0.09%
bitcoin-cash
Bitcoin Cash (BCH) $ 439.07 0.72%
hyperliquid
Hyperliquid (HYPE) $ 23.60 6.49%
uniswap
Uniswap (UNI) $ 12.11 0.26%
usds
USDS (USDS) $ 0.998801 0.21%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,521.83 1.10%
pepe
Pepe (PEPE) $ 0.000015 0.46%
official-trump
Official Trump (TRUMP) $ 30.68 10.84%
near
NEAR Protocol (NEAR) $ 5.05 2.94%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.01%
aave
Aave (AAVE) $ 327.61 1.16%
aptos
Aptos (APT) $ 8.25 1.71%
ondo-finance
Ondo (ONDO) $ 1.42 0.11%
internet-computer
Internet Computer (ICP) $ 9.21 2.07%
mantra-dao
MANTRA (OM) $ 4.69 34.97%
whitebit
WhiteBIT Coin (WBT) $ 28.42 0.03%
monero
Monero (XMR) $ 221.94 0.93%
ethereum-classic
Ethereum Classic (ETC) $ 26.87 0.19%
mantle
Mantle (MNT) $ 1.19 0.83%
vechain
VeChain (VET) $ 0.047858 0.52%
crypto-com-chain
Cronos (CRO) $ 0.138302 0.53%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.438362 1.56%
render-token
Render (RENDER) $ 7.07 4.53%
dai
Dai (DAI) $ 1.00 0.00%
algorand
Algorand (ALGO) $ 0.41045 2.65%
bittensor
Bittensor (TAO) $ 416.20 13.18%