International Business Weekly
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • National
  • Culture
  • Lifestyle
  • Sports
No Result
View All Result
International Business Weekly
No Result
View All Result
Home National

McKinsey To Pay $650 Mn To Settle US Criminal Case On Opioids

December 13, 2024
in National
0
McKinsey To Pay $650 Mn To Settle US Criminal Case On Opioids
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Consulting giant McKinsey & Company will pay $650 million to settle US criminal charges that it collaborated with Purdue Pharma to intentionally misbrand opioids, worsening a public health crisis, officials announced Friday.

US prosecutors unveiled a sweeping deferred prosecution agreement (DPA) over McKinsey efforts that helped Purdue “turbocharge” sales of the highly addictive OxyContin opioid, responsible for deadly overdoses.

The accord, which requires McKinsey to implement a comprehensive compliance program, represents the “first time a management consulting firm has been held criminally responsible for advice that it has given resulting in the commission of a crime by a client,” said US Attorney Christopher Kavanaugh, of the Western District of Virginia, speaking at a news conference.

Additionally, prosecutors charged McKinsey US with one felony count of knowingly destroying evidence with an intent to impede a probe and a misdemeanor of knowingly conspiring with Purdue to abet the misbranding of drugs, the Justice Department said.

The DPA, which will expire in five years if McKinsey meets the conditions, also noted that a senior partner with the prominent consultancy “knowingly” destroyed and hid records with the “intent to impede, obstruct and influence” the probe.

Prosecutors said the former McKinsey partner, Martin Elling, had agreed to plead guilty in the case.

From 1999 through 2022 nearly 727,000 people died from opioid overdoses, according to the Centers for Disease Control and Prevention.

McKinsey expressed regret for the firm’s role in the scandal.

“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,” McKinsey said in a statement. “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.”

McKinsey has bolstered its risk management practices, it said, adding, “though we wish we had taken these steps sooner, we are committed to building on them to ensure that McKinsey sets the standard for accountability and compliance across our profession.”

Friday’s announcement comes about a week after US prosecutors in New York unveiled a nearly $123 million settlement with McKinsey and Co. Africa in a separate DPA, over charges the subsidiary paid bribes to South African officials to obtain lucrative consulting contracts.

Kavanaugh described McKinsey as intimately involved in efforts to boost OxyContin sales after they fell off following a 2007 US settlement with Purdue over criminally misbranding the drug.

Undertaking a study for client Purdue, McKinsey determined that the sales dropped due to concerns by doctors and pharmacists that the drug was being abused.

“To turbocharge sales, McKinsey devised, and Purdue followed, the targeting of High Value Prescribers, including those who are prescribing opioids for uses that were unsafe, ineffective and medically unnecessary,” Kavanaugh said.

“This was not just marketing,” he added. “It was strategy. It was executed and it worked.”

The settlement requires McKinsey to establish and provide updates on a compliance program that involves employee training and risk-assessment reviews of potential clients. The company must also undertake new document retention policies.

Such measures constitute “a full infrastructure of what professional services firms are expected to do to make sure they don’t end up in this situation,” said US Attorney Joshua Levy.

McKinsey also agreed not to do any work “related to the marketing, sale, promotion or distribution of controlled substances,” the filing said.

Friday’s criminal agreement comes on the heels of earlier civil McKinsey settlements over its conduct relating to Purdue.

In February 2021, McKinsey agreed to pay $573 million to settle claims brought by 47 states and five US territories that it contributed to the opioid crisis through its advice to pharmaceutical giants.

In September 2023, McKinsey agreed to an additional $230 million in settlements with US municipalities, counties and public school districts.

This undated handout photo obtained July 8, 2021, courtesy of the US Drug Enforcement Administration (DEA) shows 40 mg pills of OxyCotin
AFP



Source link

Tags: CaseCriminalMcKinseyOpioidsPaySettle
Brand Post

Brand Post

I am an editor for IBW, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

Related Posts

American Eagle ‘Jeans’ Campaign That Stars Sydney Sweeney Under Fire
National

American Eagle ‘Jeans’ Campaign That Stars Sydney Sweeney Under Fire

July 30, 2025
The Heart Behind Breathe Easy Therapy Services: Cynthia Piccini’s Story of Empathy and Empowerment
National

The Heart Behind Breathe Easy Therapy Services: Cynthia Piccini’s Story of Empathy and Empowerment

July 29, 2025
Bancara Is Quietly Redefining What Global Brokerage Should Look Like
National

Bancara Is Quietly Redefining What Global Brokerage Should Look Like

July 29, 2025
Next Post
New Detail Surfaces In Case of Florida Real Estate Tycoon Brothers’ Rape Allegations

New Detail Surfaces In Case of Florida Real Estate Tycoon Brothers' Rape Allegations

California DMV Issues ‘Disturbing’ License Plate ‘Celebrating’ October 7 Hamas Attack on Israel: ‘How Did This Get Processed?’

California DMV Issues 'Disturbing' License Plate 'Celebrating' October 7 Hamas Attack on Israel: 'How Did This Get Processed?'

WATCH: Horrifying Moment Bird Strikes Plane Engine, Sparking Flames and Forcing Flight to Make Emergency Landing

WATCH: Horrifying Moment Bird Strikes Plane Engine, Sparking Flames and Forcing Flight to Make Emergency Landing

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ABOUT US

International Business Weekly is an American entertainment magazine. We cover business News & feature exclusive interviews with many notable figures

Copyright © 2024 - International Business Weekly

  • About
  • Advertise
  • Careers
  • Contact
No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel

Copyright © 2024 - International Business Weekly

سایت کازینو,سایت کازینو انفجار,سایت انفجار هات بت,سایت حضرات ,بت خانه ,تاینی بت ,سیب بت ,ایس بت بدون فیلتر ,ماه بت ,دانلود اپلیکیشن دنس بت ,بازی انفجار دنس,ازا بت,ازا بت,اپلیکیشن هات بت,اپلیکیشن هات بت,عقاب بت,فیفا نود,شرط بندی سنگ کاغذ قیچی,bet90,bet90,سایت شرط بندی پاسور,بت لند,Bababet,Bababet,گلف بت,گلف بت,پوکر آنلاین,پاسور شرطی,پاسور شرطی,پاسور شرطی,پاسور شرطی,تهران بت,تهران بت,تهران بت,تخته نرد پولی,ناسا بت ,هزار بت,هزار بت,شهر بت,چهار برگ آنلاین,چهار برگ آنلاین,رد بت,رد بت,پنالتی بت,بازی انفجار حضرات,بازی انفجار حضرات,بازی انفجار حضرات,سبد ۷۲۴,بت 303,بت 303,شرط بندی پولی,بتکارت بدون فیلتر,بتکارت بدون فیلتر,بتکارت بدون فیلتر, بت تایم, سایت شرط بندی بدون نیاز به پول, یاس بت, بت خانه, Tatalbet, اپلیکیشن سیب بت, اپلیکیشن سیب بت, بت استار, پابلو بت, پیش بینی فوتبال, بت 45, سایت همسریابی پيوند, بت باز, بری بت, بازی انفجار رایگان, شير بت, رویال بت, بت فلاد, روما بت, پوکر ریور, تاس وگاس, بت ناب, بتکارت, سایت بت برو, سایت حضرات, سیب بت, پارس نود, ایس بت, سایت سیگاری بت, sigaribet, هات بت, سایت هات بت, سایت بت برو, بت برو, ماه بت, اوزابت | ozabet, تاینی بت | tinybet, بری بت | سایت بدون فیلتر بری بت, دنس بت بدون فیلتر, bet120 | سایت بت ۱۲۰, ace90bet | acebet90 | ac90bet, ثبت نام در سایت تک بت, سیب بت 90 بدون فیلتر, یاس بت | آدرس بدون فیلتر یاس بت, بازی انفجار دنس, بت خانه | سایت, بت تایم | bettime90, دانلود اپلیکیشن وان ایکس بت 1xbet بدون فیلتر و آدرس جدید, سایت همسریابی دائم و رایگان برای یافتن بهترین همسر و همدم, دانلود اپلیکیشن هات بت بدون فیلتر برای اندروید و لینک مستقیم, تتل بت - سایت شرط بندی بدون فیلتر, دانلود اپلیکیشن بت فوت - سایت شرط بندی فوت بت بدون فیلتر, سایت بت لند 90 و دانلود اپلیکیشن بت 90, سایت ناسا بت - nasabet, دانلود اپلیکیشن ABT90 - ثبت نام و ورود به سایت بدون فیلتر, https://planer4.com/, http://geduf.com/,, بازی انفجار, http://foreverliving-ar.com/, https://wediscusstech.com/, http://codesterlab.com/, https://www.9ja4u.com/, https://pimpurwhip.com/, http://nubti.com/, http://www.casinoherrald.com/, http://oigor.com/, http://coinjoin.art/, بازی مونتی