Booz Allen Hamilton to Pay $377.5 Million Fine Over Past Accounting Practices
July 21 2023 - 4:52PM
Dow Jones News
By Denny Jacob
Booz Allen Hamilton entered a settlement agreement regarding a
previously disclosed investigation over its cost accounting and
indirect cost charging practices.
The management and technology consulting services provider said
Friday that the previously disclosed civil investigation related to
certain elements of its practices that took place from 2011 to
2021. The agreement was with the U.S., acting through the
Department of Justice and on behalf of the Defense Contract
Management Agency.
Booz Allen agreed to pay $377.5 million, which it expects to pay
with cash on hand and by drawing on its revolving credit facility,
according to a regulatory filing.
The company said it entered the agreement to avoid protracted
litigation but added it wasn't an admission of liability.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 21, 2023 16:37 ET (20:37 GMT)
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