Northrop Grumman Settles Two Lawsuits

Thursday, August 21, 2003
Northrop Grumman Corporation agreed to an $80 million joint settlement of two civil False Claims Act complaints filed by the U.S. Department of Justice. Of the $80 million, the government allocated $60 million to settle allegations that Newport News Shipbuilding, Inc., acquired by Northrop Grumman in December 2001, improperly charged certain independent research and development costs to its government contracts between 1994 and 1999. The suit was filed in February 2003 in the U.S. District Court for the Eastern District of Virginia. The case is United States of America v. Newport News Shipbuilding, Inc. #1:03CV142-A. The government allocated the balance of the $80 million to settle claims filed in May 1995 in the U.S. District Court of the Central District of California, related to allegedly defective aerial target drones. The case is United States of America ex rel. Daniel Jordan v. Northrop Grumman Corporation, #CV95-2985 ABC (Ex). The company expressly denied any liability and has agreed to settle these matters, allowing management to focus on the ongoing business operations. The company also said it will not record a charge to its earnings as a result of this settlement. Although cash from operations will be affected by the settlement, the company still expects 2003 cash from operations of $1.1 billion to $1.3 billion, before the $1.0 billion B-2 tax payment.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

New Binding Law of The Sea Agreement Advanced

WOC Sustainable Ocean Summit (Singapore, 9-11 November 2015) Will Enable Industry to Organize its Input to this Major New Ocean Treaty Development The U.N.

Oceans Can’t Take Any more: Researchers Fear Fundamental Change

Our oceans need an immediate and substantial reduction of anthropogenic greenhouse gas emissions. If that doesn’t happen, we could see far-reaching and largely

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Navy

Saab Bags $1 bln Order for Swedish Submarines

The Swedish Defence Materiel Administration (FMV) has awarded contracts worth Skr8.6bn ($1.03bn) to Saab AB for the construction of two new Type A26 submarines

Austal Delivers 7th Cape Class Patrol Boat

Shipbuilder Austal Limited announced it has delivered Cape Wessel, the seventh of eight Cape Class patrol boats being supplied to Australian Border Force under a $330 million design,

EU NAVFOR Consults Somali Fisherman

Sailors from Operation Atalanta Warship ITS Libeccio speak to local fishermen about European Union’s efforts to deter Somali piracy   Sailors from Operation Atalanta

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1823 sec (5 req/sec)