McKinsey & Company\u00a0agreed to pay $650 million in a deferred prosecution agreement that will resolve a federal criminal probe into the company\u2019s\u00a0consulting\u00a0work advising\u00a0Purdue Pharma\u00a0on how to increase sales of its\u00a0opioid\u00a0painkiller OxyContin, a court filing said Friday.<\/p>\n
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.<\/p>\n
The criminal charging document that McKinsey agreed to have filed by prosecutors alleges the consulting giant \u201cknowingly and intentionally\u201d conspired with Purdue Pharma \u201cand others to aid and abet the misbranding of prescription drugs.\u201d<\/p>\n
The document also said McKinsey is accused, through the acts of its then-partner Elling, of \u201cknowingly destroying and concealing records and documents with the intent\u201d to impede the investigation by the Department of Justice.<\/p>\n
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.<\/p>\n
As part of the deal, McKinsey will not work on any marketing, sale, promotion or distribution of controlled substances.<\/p>\n
In a statement to CNBC, McKinsey said, \u201cWe 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.\u201d<\/p>\n
\u201cWe should have appreciated the harm opioids were causing in our society and we should not have undertaken sales and marketing work for Purdue Pharma,\u201d the firm said. \u201cThis 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.\u201d<\/p>\n
The company said that in addition to its deferred prosecution agreement with the DOJ, it \u201chas 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.\u201d<\/p>\n<\/p>\n
McKinsey & Company\u00a0agreed to pay $650 million in a deferred prosecution agreement that will resolve a federal criminal probe into the company\u2019s\u00a0consulting\u00a0work advising\u00a0Purdue Pharma\u00a0on how to increase sales of its\u00a0opioid\u00a0painkiller 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 […]<\/p>\n","protected":false},"author":0,"featured_media":13254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13253","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=13253"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/13253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/13254"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=13253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=13253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=13253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}