McKinsey set to pay $550 million in opioid dispute

Because of its role in the opioid crisis, McKinsey has agreed to a settlement of at least $550 million to resolve lawsuits. This was reported by the "New York Times" with reference to insiders.

McKinsey had advised OxyContin maker Purdue Pharma and its owning Sackler family. Purdue is accused of using predatory methods to push the prescribing of its drugs. The company filed for bankruptcy in 2019 as part of a proposed ten billion dollar settlement.

More than 40 US states had sued the consulting firm over McKinsey's role in the opioid crisis. The settlement was joined by 43 states, the Washington D.C. District and three United States territories, insiders report. Several state attorneys general announced a memo on the opioid epidemic for Thursday.

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