- Raytheon (RTN +1%) has announced its receipt of a decision over Raytheon Systems Limited (Raytheon U.K.) and the United Kingdom Home Office's lawsuit over their eBorders program.
- The arbitration found that the Home Office had unlawfully terminated Raytheon U.K. for default in 2010 and therefore had renounced their eBorders contract.
- As a result, approximately £185M ($309M) has been awarded to Raytheon U.K. for damages and other monetary relief. The tribunal also found that the Home Office had wrongfully retained the £50M ($83M) it had drawn on Raytheon U.K.'s letters of credit in April 2011.
at CNBC.com (Nov 10, 2014)