McKinsey Statement on Settlement with the State of Nevada

March 22, 2021 — Consistent with the commitment we made in February to be part of the solution to the opioid epidemic, today we reached a settlement with the State of Nevada related to the firm’s past advisory work for opioid manufacturers. With this settlement – through which we have agreed to pay the state of Nevada $45 million – we have now reached agreement with all 50 State Attorneys General, as well as five US territories and the District of Columbia. As we noted in connection with the prior settlements, McKinsey believes its past work was lawful and has denied allegations to the contrary. The settlement agreement with Nevada, like those reached in February, contains no admission of wrongdoing or liability.

For reference, in February our global managing partner, Kevin Sneader, said the following about the agreement with 49 states, five territories and the District of Columbia: “We chose to resolve this matter in order to provide fast, meaningful support to communities across the United States. We deeply regret that we did not adequately acknowledge the tragic consequences of the epidemic unfolding in our communities. With this agreement, we hope to be part of the solution to the opioid crisis in the U.S. As I have said previously, we are determined to take the steps necessary to strengthen our firm’s risk management policies and culture. We will build on the steps we have already taken to learn from past mistakes, and ensure we consistently meet the high standards our firm has always aspired to.”

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