RTX Subsidiary Raytheon agreed to pay over $950 million to settle DOJ investigations involving government contract fraud, foreign bribery, and Arms Export Control Act violations. The company also settled with the SEC for $124 million over violations of the Foreign Corrupt Practices Act related to bribes to Qatari officials to secure defense contracts. Part of this amount will offset the DOJ settlement. Raytheon admitted to two fraud schemes involving defense products and agreed to enhanced compliance measures. RTX acknowledged the misconduct occurred largely before 2020 and pledged to improve ethics and compliance.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02RTX subsidiary Raytheon agreed to pay over $950 million to settle DOJ investigations
00:08involving government contract fraud, foreign bribery, and Arms Export Control Act violations.
00:14The company also settled with the SEC for $124 million over violations of the Foreign
00:20Corrupt Practices Act related to bribes to Qatari officials to secure defense contracts.
00:25Part of this amount will offset the DOJ settlement.
00:28Raytheon admitted to two fraud schemes involving defense products and agreed to enhance compliance
00:33measures.
00:34RTX acknowledged the misconduct occurred largely before 2020 and pledged to improve
00:39ethics and compliance.