From Aviation Week:

Lockheed Martin is paying back the Pentagon about five years’ worth of F-35 Joint Strike Fighter (JSF) award fees totaling $265 million the company erroneously charged because of a computer glitch in its billing system, company spokesman Thomas Jurkowsky said Aug. 9.

The company expects to repay the government “within several days” the overpaid award fees, plus interest that’s still being determined, Jurkowsky said.

The computer problems started with initial program award fees in 2002, but were only recently discovered by Lockheed employees during an internal review, Jurkowsky said. There have been 11 award fees during that time. “We immediately notified our customer,” Jurkowsky said.

While this was a huge error that took a considerable amount of time to discover, you have to give Lockheed some credit for uncovering the problem through an internal investigation and then promptly doing the right thing.

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This entry was posted by Brian on Friday, August 10th, 2007 at 8:01 pm and is filed under Military. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Please note the copyright policy.