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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
07/28/201505:20:09GKN Upgrades Aerospace Stakes With Fokker Buy
07/24/201510:03:00Lockheed Martin Receives $1.5 Billion Missile Interceptor Deal
07/24/201509:40:04Justice Department Investigating Sikorsky on Overbilling Claims
07/23/201509:08:00Lockheed Martin Receives Additional Electronic Warfare Contract...
07/22/201517:08:07Quarterly Report (10-q)
07/22/201508:30:00AEHF Low Cost Terminal Completes Information Assurance Critical...
07/22/201508:00:00Lockheed Martin Completes Sixth Open Mission Systems Flight
07/20/201520:11:13Lockheed Agrees to Buy Sikorsky For $9 Billion--6th Update
07/20/201510:08:37Lockheed Agrees to Buy Sikorsky For $9 Billion--6th Update
07/20/201509:09:35Lockheed Agrees to Buy Sikorsky For $9 Billion--5th Update
07/20/201509:04:54Current Report Filing (8-k)
07/20/201508:49:17Lockheed Agrees to Buy Sikorsky For $9 Billion--4th Update
07/20/201508:43:15Lockheed Agrees to Buy Sikorsky For $9 Billion--3rd Update
07/20/201508:32:34Lockheed Agrees to Buy Sikorsky For $9 Billion--2nd Update
07/20/201508:30:07Lockheed Agrees to Buy Sikorsky for $9 Billion
07/20/201508:27:11Lockheed Agrees to Buy Sikorsky For $9 Billion--Update
07/20/201508:16:02Lockheed Agrees to Buy Sikorsky For $9 Billion
07/20/201507:38:46Current Report Filing (8-k)
07/20/201507:32:00United Technologies Announces Agreement To Sell Sikorsky Aircraft
07/20/201507:32:00Lockheed Martin Reports Second Quarter 2015 Results

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