McKinsey Pays (A Little Bit To) The Piper VIA Daily Pnuts Newsletter

  • Global business consulting firm McKinsey & Company has agreed to a $573 million settlement (For reference, McKinsey’s annual revenue is over $10 billion) after a long battle with nearly 50 state governments over its role in the opioid crisis, which saw more than 81,000 overdose fatalities just last year. The firm helped market and boost sales of high-risk opioids, including Oxycontin. 
  • The settlement comes after a wave of apologies by McKinsey, with new affirmation that the company will not advise clients on “any opioid-related business anywhere in the world.” “We chose to resolve this matter in order to provide fast, meaningful support to communities across the United States,” Kevin Sneader, Global Managing Partner of McKinsey, said in the statement.
  • McKinsey is one of many companies caught up in the typhoon of legal and financial battles linked to the opioid industry. In October 2020, Purdue Pharma reached a settlement of $8.3 billion with the Justice Department. Once a major source of profits for pharmaceutical companies, prescription opioid medications have contributed to a storm of addiction, leaving more than 400,000 Americans dead. (NPR)