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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
09/28/201609:25:00Lockheed Martin's Sniper® Advanced Targeting Pod Continues Platform...
09/28/201608:32:00From Under the Sea to Up in the Air: Lockheed Martin Conducts...
09/27/201617:06:00Bravura to Lead U.S. Army's Aerostat Management Under $306 Million...
09/27/201608:06:00Lockheed Martin to Deliver New Simulation-Based F-16 Training...
09/26/201609:00:00Industrial Manufacturing Benefits from New Technological Innovations
09/25/201613:56:00Big Spending on Warplanes Spurs Aerial Arms Race
09/24/201605:59:00Foreign Jet-Fighter Makers Woo India
09/23/201613:27:00Lockheed Martin and Japan Celebrate Roll Out of Japan Air Self...
09/23/201609:00:00Revenues in Defense Technology Companies Surge in 2016
09/23/201606:40:00India Signs $8.7 Billion Deal with Dassault for Rafale Fighter...
09/22/201616:21:04Current Report Filing (8-k)
09/22/201612:30:00Lockheed Martin Declares Fourth Quarter 2016 Dividend
09/22/201612:30:00Lockheed Martin Increases Share Repurchase Authority by $2.0...
09/21/201621:11:00Connecticut to Pay Sikorsky for Hitting Job Targets
09/21/201616:56:00PAC-3 Destroys Tactical Ballistic Missile Target
09/21/201613:20:00India Clears Dassault's Rafale Fighter Jet Deal
09/21/201613:03:00Lockheed Martin Supports New USO Welcome Center in Orlando
09/20/201611:43:00Tech Breakthrough: Lockheed Martin Opens Advanced Bioenergy Plant
09/20/201608:58:00Lockheed Martin's Legion Pod Completes First F-15C Flight Test
09/19/201612:40:00New Air Force Bomber to Be Named the Raider

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