McKinsey & Company agrees to $650 million settlement with feds over opioids work

McKinsey & Company consulting firm has agreed to pay $650 million to settle a federal investigation into its work for opioids manufacturer Purdue Pharma, according to court papers filed in Virginia on Friday.

McKinsey has also entered into a deferred prosecution agreement to resolve criminal charges, including that it conspired with Purdue Pharma to aid in the misbranding of prescription drugs.

A former McKinsey senior partner has also agreed to plead guilty to obstruction of justice, according to the court papers.