McKinsey agrees to pay nearly $600 million for its role in opioid crisis
The payments are earmarked for abating the raging overdose and addiction crisis that has deepened during the coronavirus pandemic.
By GEOFF MULVIHILLAssociated Press
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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.”
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North Carolina Attorney General Josh Stein talks about the money the state will get from a settlement related to the opioid crisis.
North Carolina is among dozens of states receiving money as part of a settlement related to the opioid crisis.
The consulting firm McKinsey will pay $573 million as part of an agreement with attorneys general in 47 states for the company’s role in advising opioid companies on how to promote their drugs.
State Attorney General Josh Stein says North Carolina’s share will be just under $19 million.
“The vast majority of that, approximately $15 million, will be paid in the next two months, Stein said Thursday. The balance will be paid in three other installments over the next three years. And we’re going to work with leaders across the state to use those funds to deal with the consequences of this crisis.”
Consultancy McKinsey agrees to pay nearly $600M for role in opioid crisis
The business consultant McKinsey & Company agreed to pay nearly $600 million US for its role in consulting businesses on how to sell more prescription opioid painkillers amid a nationwide overdose crisis.
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Company worked with Purdue Pharma to boost sales even as the extent of the opioid epidemic became clear
The Associated Press ·
Posted: Feb 04, 2021 11:09 AM ET | Last Updated: February 4
McKinsey worked with OxyContin maker Purdue Pharma to try to boost sales of the drug even after the damage it was causing was known.(Toby Talbot/The Associated Press)
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See President Biden’s cabinet picks below and learn how they are likely to affect K-12 education.
Agriculture
Former Iowa Governor and former Secretary of Agriculture Tom Vilsack speaks during an event on Nov. 23, 2019, in Des Moines, Iowa.Justin Hayworth/AP
Biden’s pick to lead the Agriculture Department, former Secretary Tom Vilsack, held the same role in the Obama administration.
In his previous tenure, Vilsack played a key role in implementing and defending heightened nutrition standards for school meals that were championed by former first lady Michelle Obama. Those rules, which have been rolled back under the Trump administration, called for less sodium and fat and more fresh fruits, vegetables, and whole grains in school meals.
Senators Urge Treasury Secretary to Curb ‘Dark Money’ Campaign Spending
Sens. Elizabeth Warren (D-Mass.) and Sheldon Whitehouse (D-R.I.) urged Treasury Secretary Janet Yellen to crack down on “dark money” spending in political campaigns.
In a letter to Yellen (pdf), the two senators argued for the Treasury Department and the Internal Revenue Service (IRS) to impose curbs on campaign spending by nonprofit organizations formed as 501(c)(4) groups, which under current laws aren’t obliged to disclose the source of their contributions.
“The IRS’s regulation and enforcement related to 501(c)(4) organizations has been woefully inadequate in the post-Citizens United era,” they wrote. “We urge you to undertake a careful review of what the IRS has done, reform its approach, and rein in abuse by ‘dark money’ organizations.”