KBR settles U.S. government lawsuit for more than $143M, to take Q2 charge (NYSE:KBR)

KBR (NYSE:KBR) said Monday it agreed to pay more than $108M plus nearly $35M in interest to the U.S. government to settle a decade-old lawsuit related to a U.S. Army materials and equipment procurement and inventory management contract in Iraq.

The company denied violating any laws, including the false claims act or any rules and regulations for government contracting during the relevant 2007-11 period, and said it agreed to resolve the case to avoid the expense and distraction of a trial.

KBR (KBR) said the settlement will be paid in July and the company will take the associated charge in its Q2 financial results.

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