Tutor Perini (TPC) Settles with U.S. DoJ; To Pay $9.75M
More News related to TPC
- Tutor Perini Awarded $215 Million Caldecott Tunnel Project
- Tutor Perini (TPC) Settles with U.S. DoJ; To Pay $9.75M
- Tutor Perini Corporation Announces Settlement Agreement
- Tutor Perini Corporation Announces Q3 2009 Results and Guidance for 2010
- Trading Radar for 11/05: Starbucks (SBUX), CBS Corp. (CBS), CVS (CVS), Toyota (TM), Thomson Reuters (TRI)
Tutor Perini Corporation (NYSE: TPC) today announced that it has entered into a civil settlement agreement with the United States Department of Justice that resolves all outstanding issues for the Company related to a federal investigation into subcontracts between the Company's Civil Division and certain minority-owned and disadvantaged-owned business enterprises on construction projects in the New York City area between 1998 and 2003.
The Company has fully cooperated with the government throughout its investigation. In December, 2008, the U.S. Attorney's Office in the Eastern District of New York informed Tutor Perini that no criminal charges would be brought against the Company in connection with the investigation. The Company has reinforced its policies and procedures to ensure compliance with statutory and contractual requirements concerning the utilization of business enterprises owned by minorities and the disadvantaged. Under the civil settlement agreement, the Company will pay $9.75 million to the Department of Justice. This amount was fully expensed in prior years and will have no material impact on Tutor Perini's 2009 financial results.
Related Categories
Corporate NewsStocks Mentioned
-0.15Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
