McKinsey & Company will pay $650 million to settle a federal investigation into its role in boosting OxyContin sales for Purdue Pharma. This settlement avoids criminal charges but requires McKinsey to cease work related to controlled substances for five years. Former McKinsey senior partner Martin Elling pleaded guilty to obstruction of justice for destroying relevant documents. The Justice Department alleges McKinsey knowingly aided Purdue Pharma in unsafe and unethical sales practices, contributing to the opioid crisis.
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The situation with the Supreme Court rejecting the nationwide opioid settlement with Purdue Pharma is a complex and controversial one. On one hand, the Court made a technically correct ruling based on the interpretation of the Bankruptcy Code. However, the implications of this decision are far-reaching and deeply impactful, especially for the victims of the opioid crisis.
The crux of the matter lies in the fact that the settlement would have shielded the Sackler family from civil lawsuits while providing billions of dollars to combat the opioid epidemic. Sure, the Sacklers agreed to contribute up to $6 billion and give up ownership of the company, but they would have retained billions more.… Continue reading
John Q. Hosedrinker