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United Technologies (UTX +1.1%) has been ordered to pay $473M, plus interest, for overcharging...

United Technologies (UTX +1.1%) has been ordered to pay $473M, plus interest, for overcharging the US Air Force for jet engines. The ruling is the result of a lawsuit filed by the DoJ in 1999 seeking reimbursement for inflated costs by UTX unit Pratt & Whitney under the False Claims Act. Since the judgement includes interest charges, hundreds of millions in dollars could be added to the $473M price tag once it's all tallied, as the overcharges go all the way back to 1986.
Comments (1)
  • I hope they are just a quick in paying this fine as the DoJ was in bringing it to court. Bet the parts for the new F35 joint strike force fighter will be similarly priced.
    18 Jun 2013, 11:44 PM Reply Like
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