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Raytheon receives eBorders arbitration award

  • 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.
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