
Sparton Corp. [SPA] on Monday said it has agreed to pay L-3 Communications [LLL] $2.5 million related to a lawsuit L-3 filed in Sept. 2013 over a breach of contract.The settlement requires Sparton to pay L-3 by Oct. 1 in consideration for dismissal of the litigation with neither party admitting to mistakes, damage or fault, Sparton said.“Our ongoing relationship with L-3 remains solid and we expect to continue to be partners well into the future,” Cary Wood, president and CEO…