KBR Successfully Settles Legacy Legal Matter
London, 03 July, 2023, (Oilandgaspress) KBR (NYSE: KBR) announced today that it has settled a legacy lawsuit pending in federal court, USA ex rel Howard v. KBR, Inc. et al.
“We are pleased to put this decade-old lawsuit behind us as we close out one of our final legacy legal issues. We are proud of our work on LOGCAP III and of our broader, strong record of serving the armed forces,” said Stuart Bradie, KBR President and CEO. “This settlement is yet another milestone in our commitment to resolve legacy legal matters and it helps reduce uncertainty and liquidity risk.”
This case, first filed in 2011 and unsealed in 2014, concerns the cross-leveling of materials and equipment procurement and inventory management under the LOGCAP III contract in Iraq in the 2007-2011 time period. KBR agreed to resolve this case to avoid the needless expense, risk and distraction of a trial but denies that it has violated any laws, including the False Claims Act, or any rules and regulations for government contracting. KBR maintains that it met its contractual requirements while operating in a dangerous war-zone environment and is proud of our work to support the military.
Under the terms of the settlement, KBR denies any liability or wrongful conduct. KBR will pay $108.75 million, approximately half of which in restitution damages, plus interest to the U.S. government and will pay $34.95 million to the relators as attorney’s fees. Payment of the settlement will occur in July 2023 and KBR will take the associated charge in its second quarter 2023 financial results. The Department of Justice, which declined to pursue this matter in 2014, will intervene for the purposes of settling and dismissing the lawsuit with prejudice.
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