McKinsey Gives Up Millions in Fees to Settle Bankruptcy Probe

McKinsey & Co. will stop trying to collect millions of dollars in fees for helping Westmoreland Coal Co. navigate bankruptcy under a deal with an arm of the U.S. Justice Department, which has been investigating whether the global consulting giant hid potential conflicts of interest.

• The agreement is the latest settlement between McKinsey and the Office of the U.S. Trustee, which monitors corporate bankruptcies. The deal doesn’t bring an end to a review of McKinsey’s disclosure practices with respect to its investment affiliates, the U.S. Trustee’s office said in a statement Thursday
• Under the U.S. Bankruptcy Code, advisers like McKinsey ...