The U.S. Supreme Court on Tuesday declined to hear McKinsey & Co's bid to escape a lawsuit by retired turnaround specialist Jay Alix accusing the management consulting firm of concealing potential conflicts when seeking permission from bankruptcy courts to perform lucrative work on corporate restructurings.
The justices turned away McKinsey's request that they overturn a lower court's decision that the lawsuit by Alix, who hasof running a "criminal enterprise" by hiding its ties to lenders and its clients' competitors.
U.S. District Judge Jesse Furman in Manhattan in 2019 dismissed the lawsuit, saying Alix did not assert a "proximate" link between McKinsey's alleged wrongdoing and harm to AlixPartners. Alix reported owning a 35% equity stake in AlixPartners. "If McKinsey's conduct has corrupted the process of engaging bankruptcy advisors, as Alix plausibly alleges, then the unsuccessful participants in that process are directly harmed," 2nd Circuit Judge Barrington Parker wrote.
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