Ticker – McKinsey agrees to $78 million settlement with insurers over opioids

Consulting firm McKinsey and Co. agrees to pay $78 million to settle claims its work with drug companies fueled an opioid addiction crisis.

Under the agreement, McKinsey would establish a fund to reimburse insurers, private benefit plans and others for some or all of their prescription opioid costs.

The settlement is the latest in a years-long effort to hold McKinsey accountable for its role in the opioid epidemic. In February 2021, the company agreed to pay nearly $600 million to U.S. states, the District of Columbia and five U.S. territories.

In September, the company announced a separate, $230 million settlement agreement with school districts and local governments.