Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
UTX > SEC Filings for UTX > Form 8-K on 18-Jun-2013All Recent SEC Filings

Show all filings for UNITED TECHNOLOGIES CORP /DE/ | Request a Trial to NEW EDGAR Online Pro



Other Events

Item 8.01. Other Events.

F100 Engine Litigation
On June 17, 2013, a federal trial court in Ohio rendered a decision in the litigation previously disclosed under the heading "F100 Engine Litigation" in the Legal Proceedings section of UTC's Annual Report on Form 10-K for the year ended December 31, 2012. As described in such report, the litigation arose from allegations by the U.S. Department of Justice (DOJ) that Pratt & Whitney violated the civil False Claims Act and common law relating to the "Fighter Engine Competition" between Pratt & Whitney's F100 engine and General Electric's F110 engine, resulting in alleged overpayments by the government for F100 engines under contracts awarded by the U.S. Air Force in fiscal years 1985 through 1990. In 2008, the trial court held that Pratt & Whitney violated the False Claims Act and awarded the government $7.09 million in civil penalties while also concluding that the government had not suffered any actual damages because of the significant price concessions it received from Pratt & Whitney. This decision was reviewed by the Sixth Circuit Court of Appeals, and remanded to the trial court for further proceedings on the issue of damages. In its latest ruling on June 17, 2013, the trial court rendered a decision awarding the government $473 million in damages and penalties, plus an amount of interest to be determined by the court. Because the DOJ asserted in October 2012 that the government was entitled to a total judgment, including damages, penalties and interest, of approximately $660 million, we expect the DOJ will continue to seek a judgment in at least that amount based on the trial court's latest ruling. UTC strongly disagrees with the court's analysis and conclusions. UTC will appeal the decision as we remain confident in our legal position. Should the government ultimately prevail, the outcome of this matter could result in a material adverse effect on our results of operations in the period in which a liability would be recognized or cash flows for the period in which damages would be paid.
The foregoing description of the prior proceedings in this matter does not purport to be complete and is qualified in its entirety by reference to the description of this litigation included in the Legal Proceedings section of UTC's Annual Report on Form 10-K for the year ended December 31, 2012, which is incorporated herein by reference.

  Add UTX to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for UTX - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now

Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.