Tutor Perini Enters Civil Settlement Deal in Relation with Federal Investigation
Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, 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.
Source: http://www.perini.com/
Posted 6th November 2009
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