Lockheed subsidiaries settle with US Navy for overcharging on parts

STRATFORD, Connecticut: Two subsidiaries of Lockheed Martin have agreed to a $70 million settlement with the federal government for allegedly overcharging the Navy for aircraft parts.

The U.S. Department of Justice announced the settlement on June 21, involving Sikorsky Support Services of Stratford, Connecticut, and Derco Aerospace of Milwaukee, Wisconsin.

The DOJ accused the subsidiaries of entering in