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Friday, January 24, 2014

Boeing, General Dynamics reach $400 mln A-12 settlement with U.S. Navy

A-12 AvengerBoeing Co and General Dynamics Corp on Thursday each agreed to give the U.S. Navy $200 million in aircraft and services to settle an epic, 23-year legal dispute over cancellation of the $4.8 billion A-12 stealth aircraft in 1991.

The agreement resolves the last of series of legal cases spawned in 1991 when then-Defense Secretary Dick Cheney canceled the A-12 Avenger II program after it ran into major schedule delays and cost overruns in the 1980s.

At the time, the government demanded the companies pay back $1.3 billion they had already received for work on the next-generation, carrier-based tactical airplane.

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