McKinsey and Co. will pay $650 million to resolve criminal and civil investigations into its work with opioid manufacturer Purdue Pharma.
The settlement resolves criminal and civil charges against the consulting firm, according to a Dec. 13 news release from the Justice Department.
According to the Justice Department, McKinsey consulted with Purdue Pharma on 75 engagements between 2004 and 2019, including a plan to "turbocharge" sales of OxyContin.
As part of the settlement, McKinsey will forfeit the $93 million it earned during its work for Purdue Pharma.
The firm will not do any work related to controlled substances for five years, as part of the settlement.
A former senior partner at McKinsey agreed to plead guilty to obstruction of justice for destroying records related to the company's work with Purdue Pharma, the Justice Department said. McKinsey will also implement new compliance training and document retention procedures.
In a statement to the New York Times, McKinsey said it was "deeply sorry" for its past service to Purdue Pharma.
"We should have appreciated the harm opioids were causing in our society and we should not have undertaken sales and marketing work for Purdue Pharma," the company said. "This terrible public health crisis and our past work for opioid manufacturers will always be a source of profound regret for our firm."