Consulting Firm McKinsey Concludes Opioid Litigation Settlement With $78M Agreement

Consulting giant McKinsey & Co, on Friday, agreed to a settlement of $78 million to resolve allegations tied to the opioid epidemic, as disclosed in federal court papers filed in San Francisco. 

This settlement signifies the culmination of a series of litigations the firm faced regarding its involvement with drug companies, notably OxyContin maker Purdue Pharma. 

Plaintiffs in the case accused McKinsey of exacerbating the opioid crisis by aiding pharmaceutical entities, including Purdue Pharma, in devising deceptive marketing strategies to elevate painkiller sales. 

The class action settlement, contingent on judicial approval, addresses claims from third-party payers like insurers that provide health and welfare benefits, Reuters reported.

Also Read: Opioid Crisis and Corporate Accountability: Purdue's Settlement in the Spotlight.

The opioid crisis in the United States has resulted in an avalanche of legal actions, with states, local governments, and Native American tribes filing lawsuits against drug manufacturers, distributors, and pharmacies. 

The cumulative settlements from these litigations with various stakeholders exceed $50 billion.

In September, McKinsey reached a substantial settlement agreement of $230 million to resolve lawsuits filed by numerous U.S. local governments and school districts, accusing the firm of contributing to the opioid addiction crisis through its consulting work with Purdue Pharma and other pharmaceutical companies. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.