Two Lockheed Martin subsidiaries have agreed to pay the federal government $70 million for overcharging the Navy for aircraft parts.
FILE - A man walks past a Lockheed Martin logo as he walks through a section of the company's chalet bridging a road at Farnborough International Airshow in Farnborough, southern England, July 19, 2006. Two Lockheed Martin subsidiaries have agreed to pay the federal government $70 million for overcharging the Navy for aircraft parts, the U.S. Department of Justice announced Friday, June 21, 2024.
Sikorsky then billed the Navy for the price it paid Derco, in violation of federal regulations barring such arrangements, which prosecutors said drive up government costs. Lockheed Martin, based in Maryland, said in a statement Friday that it is “pleased that the settlement will bring this case to a conclusion,” noting that there also was no finding of wrongdoing by Sikorsky or Derco Aerospace.
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