American worldwide management consulting firm McKinsey & Company, Inc. reached on Tuesday a $15 million settlement with the United States Department of Justice's US Trustee Program (USTP) over the alleged misconduct in disclosures of bankruptcy cases. The firm purportedly made "insufficient disclosures" about its clients and their investments and failed to identify clients who were connected with the debtors it represented.
The $15 million dollar payment will be realized in connection with three concrete cases and will be distributed to debtors and other parties damaged in the process. In terms of amount, this is one of the highest repayments made by a bankruptcy professional for alleged non-compliance with disclosure rules.
"This settlement ensures that McKinsey is held to the same standards applicable to all professionals who participate in bankruptcy cases. If this conduct is repeated in future cases, we will seek even more far-reaching remedies," USTP Director Cliff White said.
