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DOJ: Lockheed To Pay $15.9 Million To Settle Inflated Costs Allegations

DOW JONES NEWSWIRES Lockheed Martin Corp. (LMT) agreed to pay $15.9 million to settle allegations that it mischarged for perishable tools used on numerous government contracts, the Department of Justice said. Lockheed's settlement also resolves two whistleblower actions, the DOJ said. Representatives for the defense contractor weren't immediately available for comment. The Defense Department said the settlement resolves allegations arising out of a pricing scheme by Tools & Metals Inc., a subcontractor that sold perishable tools to Lockheed for use on military aircraft. The government said TMI allegedly inflated the tools' costs between 1998 and 2005, and Lockheed allegedly passed the costs on to the U.S. Former TMI President Todd B. Loftis in 2005 pleaded guilty and was sentenced to seven years in prison for his alleged role in TMI's scheme. "It is troubling that a large defense contractor with long-established contractual ties with the United States failed to undertake appropriate measures to ensure the integrity and validity of the costs it submitted to the United States," said Stuart F. Delery, acting assistant attorney general for the Justice Department's civil division in a release. The whistleblowers in the two cases resolved by the settlement, Robert Spencer and John Becker, will split $2 million of the government's recovery. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Lockheed Martin (LMT)
DateTimeHeadline
04/17/201417:04:26Pentagon Official Criticizes Pratt & Whitney Over F-35 Costs
04/16/201415:01:22Lockheed Martin's F-35 Fighter to Make Overseas Airshow Debut...
03/28/201412:30:42Five Killed in Indian Air Force's Super Hercules Crash
03/26/201415:35:23Efforts to Cut F-35 Costs Hinge on Foreign Partners
03/24/201416:20:06Lockheed Says Overseas F-35 Sales Goal Intact
03/24/201405:09:15Lockheed Martin Says South Korea Selects F-35A Lightning II Aircraft
03/14/201418:00:33Lockheed CEO's Compensation More Than Doubled -- Update
03/14/201416:23:17Lockheed CEO's Compensation More Than Doubled
03/05/201420:34:37Senior Senate Democrats Prod Pentagon To Start Competing Satellite...
03/04/201418:21:28Pentagon Plans to Fund New Sikorsky Helicopter
03/04/201416:17:54Pentagon Eyes Boost for Aircraft, Missile Defense
03/04/201413:01:05As Pentagon Budget Shrinks, Spending Points to Future Priorities
02/28/201418:36:22India Hopes to Regain Top U.S. Aviation Safety Rating
02/21/201418:34:03Sikorsky to Cut 600 Jobs, Secures Turkey Deal
02/19/201417:59:03Germany's Decision to Cancel Eurofighter Jet Order Narrows Field...
02/05/201414:56:10Navy F-35 Set For Sea Trials After Tailhook Redesign
02/04/201409:24:54Hot Stocks: Hot Stocks to Watch
01/23/201407:10:14Lockheed Martin Sees Higher Profit in 2014
01/15/201422:24:11Raytheon Names Kennedy as Successor to Swanson -- Update
11/29/201308:04:34Kongsberg Gruppen Gets NOK480 Million Deal To Further Develop...

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