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Business/Financial

Lockheed Martin To Pay $70 Million To Settle False Claims Act Allegations

By Cal Biesecker

Friday, June 21st, 2024

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Lockheed Martin To Pay $70 Million To Settle False Claims Act Allegations

Navy T-44 Pegasus trainer aircraft. Photo: Navy

The Justice Department on Friday said that two Lockheed Martin [LMT] business units have agreed to pay $70 million to settle allegations they overcharged for spare parts related to Navy T-34 and T-44 training aircraft. The business units, Sikorsky Support Services Inc. (SSSI) and Derco Aerospace, were part of Lockheed Martin’s 2015 acquisition of helicopter manufacturer Sikorsky Aircraft from United Technologies Corp. UTC later acquired Raytheon to forge RTX [RTX]. The lawsuit alleges that SSSI failed to disclose costs it…

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