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U.K. Panel Rules For Raytheon To Tune Of $392 Million In e-Borders Dispute

Cal Biesecker By
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U.K. Panel Rules For Raytheon To Tune Of $392 Million In e-Borders Dispute
U.K. Home Secretary Theresa May. Photo: U.K. Home Office

Raytheon [RTN] on Monday said that a British arbitration panel ruled in favor of its protest of a border security contract that was terminated for default by the United Kingdom Home Office in 2010, adding the arbitration award totals $392 million. The Arbitration Tribunal award includes $309 million for damages and other monetary relief and $83 million related to the Home Office’s wrongful retention of funds it had drawn on Raytheon UK’s letters of credit in April 2011, less than…

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