RTX Corporation, the defense company formerly known as Raytheon, has agreed to pay more than $950 million to settle serious accusations of fraud and bribery. These allegations involve cheating the government and making illegal payments to secure business contracts with Qatar.
What Happened?
On a Wednesday in October, RTX entered into legal agreements to avoid a criminal trial. These agreements were made in two federal courts, one in Brooklyn and the other in Massachusetts. As part of the deal, RTX will hire independent monitors to ensure they follow anti-corruption and anti-fraud laws for the next three years.
The hefty amount they owe includes penalties from criminal cases, civil fines, and the return of profits gained from overcharging the Defense Department and bribing a high-ranking Qatari military official between 2012 and 2016.
The Breakdown of the Fine
The largest part of the $950 million settlement is a civil penalty of $428 million. This fine is for alleged...
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