LEXINGTON – Raytheon Corp. announced that it had been awarded $25.2 million in its suit again Learjet, a subsidiary of Bombardier, Inc. of Montreal. The suit stemmed from a contract that Raytheon had to modify six Learjet Model 60 aircraft to meet the Federal Aviation Agency’s flight inspection standards. Raytheon claimed that Learjet had misrepresented the heating and cooling capabilities of its planes, Bloomberg News reported. Learjet had refused to reimburse Raytheon the $13 million the company said it spent to make the planes meet FAA standards. The jury awarded Raytheon $13.5 million in actual damages and fees, plus $11.7 million in punitive damages. Learjet won $19,000 in its counter-suit against Raytheon. In other Raytheon news, the U.S. Department of Defense said recently that it canceled a Navy missile defense program that Raytheon was the main contractor on because the system was over budget and behind schedule. Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,… The government had spent $2.35 billion of the estimated $9.1 billion budgeted for the program, known as the Navy Area Wide Missile Defense. The agency is in talks with Raytheon and its subcontractors about possible cancellation fees, said Cheryl Irwin, a Pentagon spokeswoman. She wasn’t more specific. The program was shut amid poor performance and 50 percent cost overruns, analysts said. The action came a day after President George W. Bush told Russia that the U.S. would withdraw from the 1972 Anti-Ballistic Missile Treaty so it can conduct more tests for a proposed missile-defense shield. The program could be restructured or the contract renegotiated, analysts said. (Compiled from news reports and releases, print and electronic.)
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Raytheon wins $25.2 million suit against Learjet
PBN Branded Content
