Fluor settles government contracts lawsuit for $12.5 million | VailDaily.com

Fluor settles government contracts lawsuit for $12.5 million

ALISO VIEJO, Calif. – Engineering and construction firm Fluor Corp. paid $12.5 million to settle a lawsuit brought by the Department of Justice over its handling of government contracts.The settlement, in which Fluor did not admit wrongdoing, resolves a dispute involving the company’s distribution of overhead expenses for government contracts between 1995 and 1998.”This settlement avoids substantial further litigation costs in what could have been a lengthy and complex legal proceeding,” Larry Fisher, Fluor’s lead lawyer, said in a statement issued Tuesday. “After careful management consideration and review, it was determined that a settlement without admitting any wrongdoing would allow the company to focus on current and future operations without further distraction.””The U.S. government is an important client for Fluor, and we hope this brings closure so all parties involved can move on,” Fisher said. He said the company believes it would have prevailed if the lawsuit had gone to court.Calls to Department of Justice officials were not immediately returned Wednesday.Shares of Flour rose $3.09, or 4.8 percent, to close at $67.11 Wednesday on the New York Stock Exchange.Vail, Colorado

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