- 04 July 2016
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McKinsey & Company will not have to disclose the names of its clients in a bankruptcy court in the U.S., where the firm is fending off a suit from creditors and who wanted the firm to disclose whether or not it had conflicts of interest when advising clients to declare bankruptcy.
Creditors may be able to take advantage of a firm in bankruptcy hearings if it shares the same advisor, the report said. Though the court has ceased disclosure of the names of McKinsey clients, several names have been released thus far, Bloomberg News reported June 29.
McKinsey said "the filing was the product of a disgruntled rival", Alixpartners, "aiming to push it out of the restructuring business".
McKinsey will still have to release the names, but they will be held confidentially by the court. Further complicating the firm’s impartiality is the existence of its $9.5 billion internal investment firm, which is private. McKinsey maintains that it is operated by a blind trust and poses no opportunity for a conflict of interest.