McKinsey agrees to pay nearly $600M over opioid crisis

FILE - This Feb. 19, 2013, file photo shows OxyContin pills arranged for a photo at a pharmacy in Montpelier, Vt. The global business consulting firm McKinsey & Company has agreed to a $573 million settlement over its role in the opioid crisis, according to a person with knowledge of the deal. An announcement is expected Thursday, Feb. 4, 2021. (AP Photo/Toby Talbot, File)

The global consulting firm McKinsey & Company agreed to pay nearly $600 million for its role in advising businesses on how to sell more prescription opioid painkillers amid a nationwide overdose crisis.

"We deeply regret that we did not adequately acknowledge the tragic consequences of the epidemic unfolding in our communities," McKinsey Global Managing Partner Kevin Sneader said in a statement Thursday, noting the company cooperated with investigations. "With this agreement, we hope to be part of the solution to the opioid crisis in the U.S."

Most of the money is in a $573 million settlement reached with 47 states, the District of Columbia and five U.S. territories, but the company said it had deals with a total of 49 states. Washington's attorney general announced a separate $13.5 million deal and West Virginia announced a $10 million settlement with the New York-based company.

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