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United Technologies (UTX) Stock Higher Today After Judge Reverses $657 Million Lawsuit Ruling

2015-04-07 19:12:18| Paper - Topix.net

The original judgement stipulated that the company was liable to pay the U.S. government restitution over what was initially ruled to be misleading statements by the company when it was competing with GE for a government contract to build the engines for the country's F-15 and F-16 fighter jets in 1983. The appellate court ruling reverses a district court's 2013 ruling in the case and sends the proceedings back to that court which originally found United Technologies liable for six years of overcharges.

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