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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
07/22/201616:58:01Filing of Certain Prospectuses and Communications in Connection...
07/21/201617:18:54Filing of Certain Prospectuses and Communications in Connection...
07/21/201616:07:00Lockheed Martin Team Achieves First PC-21 Flight under Australia's...
07/21/201608:55:00Lockheed Martin Demonstrates LRASM's Surface Launch Capabilities
07/20/201617:27:28Filing of Certain Prospectuses and Communications in Connection...
07/20/201617:04:11Quarterly Report (10-q)
07/20/201609:00:00Lockheed Martin Receives Four Manufacturing Leadership Awards
07/20/201603:05:00Lockheed Jet Takes Toll on Its Cash -- WSJ
07/19/201617:03:37Filing of Certain Prospectuses and Communications in Connection...
07/19/201614:35:00Lockheed Martin Says Protracted F-35 Contract Talks Weigh on...
07/19/201608:50:00Lockheed Martin Boosts Guidance After Beating Expectations
07/19/201608:40:00Lockheed Martin Boosts Guidance After Beating Quarterly Expectations
07/19/201607:33:43Current Report Filing (8-k)
07/19/201607:25:00Lockheed Martin Reports Second Quarter 2016 Results
07/18/201621:03:00Lockheed Martin-Led Team Lays Keel on 17th Littoral Combat Ship
07/18/201617:21:54Filing of Certain Prospectuses and Communications in Connection...
07/15/201617:03:52Filing of Certain Prospectuses and Communications in Connection...
07/15/201610:04:00Lockheed Martin Will Pursue New Army Missile Defense Sensor
07/14/201617:22:09Filing of Certain Prospectuses and Communications in Connection...
07/13/201618:01:00Lockheed Martin Executives Unveil Armed BLACK HAWK Helicopter...

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