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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
12/07/201609:30:00Lockheed Martin Receives $67 Million Sensor Spares Contract
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12/06/201617:31:29Statement of Changes in Beneficial Ownership (4)
12/06/201614:00:00Latest SBIRS Ground System Gets Green Light from U.S. Air Force
12/05/201614:05:00Lockheed Martin Achieves Perfect Score on Human Rights Campaign's...
12/01/201610:07:00Lockheed Martin Advances Modernization of Current GPS Ground...
11/29/201615:00:00Sikorsky Innovations Names 7th Entrepreneurial Challenge Awardees
11/29/201608:00:00Civil Aviation Authority of Colombia Approves Certificate for...
11/28/201614:58:00Associated Aircraft Group and Patient AirLift Services Make Thanksgiving...
11/28/201609:03:00Lockheed Martin transforms Training and Logistics Business
11/22/201614:30:00Canada Plans Purchase of 18 Boeing Super Hornet Aircraft
11/21/201610:21:00Lockheed Martin Awarded $1.2 billion to Modernize Republic of...
11/21/201609:37:00Lockheed Martin Chairman, President and CEO to Speak at Credit...
11/19/201622:55:00Better Forecasts Ahead: Lockheed Martin-Built GOES-R Weather...
11/18/201614:46:00Sikorsky S-76A™ Helicopter Maintenance Trainer Advances Engineering P...
11/18/201614:46:00Sikorsky S-76A™ Helicopter Maintenance Trainer Advances Engineering P...
11/18/201612:13:00Lockheed Martin Wins 2016 Best Commitment to Education Corporate...
11/18/201601:40:00Boeing Fighter-Jet Sales Advance Toward Final Approval
11/15/201617:00:00Lockheed Martin CEO Marillyn Hewson addresses Canadian Aerospace...
11/15/201612:43:00Human-Machine Teams: Lockheed Martin UAS and Optionally-Piloted...

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