Nevada announces $45M settlement with McKinsey over opioids
Las Vegas – Nevada has struck a $45 million settlement deal with McKinsey & Company for the global consulting firm’s role in advising opioid makers how to sell more prescription painkillers amid a national overdose crisis.
The western state reached the deal after sitting out a multi-state settlement with McKinsey announced in February. The hard bargaining has allowed Nevada to win a settlement that’s three and a half times larger than the average settlement with other states.
“Nevada needed and deserved more than what was being made available to us in the multi-state settlement,” state Attorney General Aaron Ford said Monday. The state would have received $7 million had it stayed in the multi-state settlement, Ford said.
McKinsey said the deal reached with Nevada is “consistent with the commitment we made in February to be part of the solution to the opioid epidemic.”
The New York-based company reached a $573 million settlement that month with 47 states, the District of Columbia and five U.S. territories. It also at the time announced separate deals with Washington state for $13.5 million and West Virginia for $10 million.
In February, it said it hoped its settlement deals would allow it to be part of the solution in addressing the opioid overdose crisis in the U.S.
The $45 million will be paid in two installments of $23 million in 45 days and $22 million in 120 days.