Lockheed Settles Subcontractor Suit Over $9M Price Change

Law360, New York (March 29, 2012, 8:59 PM ET) -- Lockheed Martin Corp. has settled a suit brought by subcontractor Triumph Aerostructures LLC alleging the defense giant refused to fairly negotiate a $9 million price adjustment on a fighter jet contract, according to papers filed Thursday in Texas federal court.

Lockheed Martin and Triumph Aerostructures' Vought Aircraft Division said they reached a settlement of all matters in the lawsuit after a Monday mediation session and are currently preparing a formal settlement agreement.

On Thursday, U.S. District Judge Barbara M. G. Lynn asked the parties to submit...
To view the full article, register now.