LOCKHEED AGREE TO PAY $16 MILLION TO SETTLE WHISTLEBLOWER LAWSUIT

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The Lockheed Martin Corporation will pay $16 million to settle a whistleblower lawsuit which alleged that the company subcontractor Tools & Metals Inc.(TMI) inflated costs overcharging the government for tools used in our F-22 and F-35 fighter jets. The Department of Justice brought a criminal case and Todd B. Loftis, former TMI President pleaded guilty and ws sentenced to 7 years in prison for his role in the sceme. In this case, two whistleblowers will split $2 million of the government’s recovery.