$5M Settlement in Lockheed Probe
CONCORD, N.H. (AP) _ Lockheed Martin Corp. will pay the U.S. government $5 million to settle claims that two subsidiaries overcharged the Navy for anti-submarine devices.
The government paid between $1.8 million and $3.8 million too much for products from Nashua-based Sanders, a Lockheed Martin Company, and Georgia-based Lockheed Martin Aeronautics Co.-Marietta, said U.S. Attorney Paul Gagnon.
He said the settlement will save the government the expense of a court battle over Lockheed’s pricing practices.
Sanders spokesman John Measell said Friday the investigation centered on work performed for the Navy between 1989 an 1993. The products in question were made for S-3B Viking anti-submarine warfare aircraft.
``Lockheed Martin believes that the businesses acted in compliance with U.S. laws and regulations and concedes no wrongdoing,″ Measell said.