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04 Feb 2021 | 10:31

McKinsey to pay $573m in settlement for opioid case

(Sharecast News) - Consulting firm McKinsey & Co agreed to pay at least $573m as a way to settle the claims by over 40 US states for its role in the opioid crisis hitting the country. According to Reuters, the settlement is with 43 states although Washington Attorney General Bob Ferguson said he had reached a separate, $13m settlement with the firm on top of the multi-state agreement.

The consulting firm gave advice to pharmaceutical company Purdue Pharma, which makes OxyCotin, on how to "turbocharge" opioid sales.

Purdue filed for bankruptcy in 2019 as part of a proposed settlement valued at $10bn to resolve lawsuits over its painkiller marketing that helped fuel the opioid epidemic.

More than 3,200 lawsuits are pending.

The lawsuits accuse the pharmaceutical firms of ignoring indications that prescription opioids were being improperly used, to avoid a reduction in sales.

According to US government data, the epidemic has been responsible for 450,000 overdose deaths in roughly two full decades.
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