Aerospace Group:

Business/Financial

RTX In Nearly $1 Billion Settlement With U.S. Government To Resolve Fraud, False Claims, Bribery Charges

By Cal Biesecker

Wednesday, October 16th, 2024

SHARE:

RTX In Nearly $1 Billion Settlement With U.S. Government To Resolve Fraud, False Claims, Bribery Charges

Patriot Guidance Enhanced Missile. Photo: RTX

The U.S. government on Wednesday said it has resolved several legal matters with RTX [RTX] requiring the defense contractor to pay more than $950 million in penalties. The allegations against Raytheon, which was acquired in 2020 by the former United Technologies Corp. to form RTX, were previously disclosed. RTX said in a statement that “The financial impact of these matters is consistent with the reserve announced in the Company’s July 2024 quarterly earnings report.” RTX next Tuesday will report third…

Unmanned Systems

In Response To Flag Concerns, DoD Looks To Reduce Drone Prices, As Order for 30,000 Looms

The Pentagon is bargain shopping for Group 1 drones, as other countries, including Ukraine and China, have taken advantage of consumer electronics-level prices to bolster their stables. “In last spring’s […]

Pentagon

Amid Questions On Weapons Stockpiles, Caine Says U.S. Has ‘Sufficient’ Munitions For Iran Operation

Pentagon leaders on Wednesday sought to quell concerns over the rate at which the U.S. is employing critical munitions in its military strike campaign against Iran, with lawmakers also pressing […]

Congress

SASC Leaders Criticize Trump’s Defense Strategy, Press Colby On Policy Shifts

Senate Armed Services Committee (SASC) leadership on Tuesday criticized the Trump administration’s new National Defense Strategy (NDS) and pressed the Pentagon’s top policy official to explain the document’s priorities. SASC […]

Congress

Wicker Wants Legislation On DoD’s Equity Investments In Minerals Supply Chain

Legislation regarding equity investments by the Defense Department in critical mineral supply chains is needed to strengthen the larger defense industrial base and demonstrate to the “free market” that the […]