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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
08/31/201510:16:00Meeting Veterans' Needs with a Modernized VA Medical Appointment...
08/28/201513:31:00Counting Down: U.S. Navy, Lockheed Martin Ready to Launch MUOS-4...
08/26/201517:40:00Boeing Settles Retirement-Plan Class Action
08/25/201520:27:00Oshkosh Wins $6.75 Billion Military Contract to Replace Humvee...
08/25/201518:19:00Oshkosh Wins $6.7 Billion Military Contract to Replace Humvee...
08/25/201518:00:00Oshkosh Wins $6.7 Billion Military Contract to Replace Humvee
08/25/201517:49:00Oshkosh Wins $6.7 Billion Military Contract to Replace Humvee
08/25/201508:00:00Lockheed Martin Makes Tiny Satellite Cooling System Three Times...
08/17/201509:27:00Lockheed Martin and Weibel Scientific A/S Partner for Ballistic...
08/13/201515:34:00Buttoned Up: Lockheed Martin-Built MUOS-4 Secure Communications...
08/13/201510:00:00Missile Defense Multi-tasking: Lockheed Martin Designing Single-launch...
08/13/201509:00:00Taiwan Becomes 20th International Customer for Lockheed Martin's...
08/12/201510:00:00Lockheed Martin Selected To Secure All Western Region Airports...
08/12/201509:30:00U.S. Army Awards Lockheed Martin Contract to Upgrade Apache Helicopter...
08/10/201512:00:00Lockheed Martin Receives Enhanced Cybersecurity Services Accreditation...
08/07/201516:08:06Statement of Changes in Beneficial Ownership (4)
08/05/201516:10:06Statement of Changes in Beneficial Ownership (4)
08/05/201508:00:00Lockheed Martin Awarded Commercial Atlas Launch Contract for...
08/04/201510:33:00Lockheed Martin Team JLTVs Continue To Roll Off Camden Production...
08/04/201503:30:05Meggitt Gets $42.1 Million Contract to Supply Lockheed Martin...

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