Firm Admits Overbilling U.S.
Sundstrand Corp. has agreed to plead guilty to fraud charges brought after a federal investigation revealed that the company had been overbilling the Defense Department for airplane parts, authorities said today.
Sundstrand has agreed to pay a $115-million settlement--the largest single fraud settlement in history--U.S. Atty. Anton Valukas said at a news conference. “What you have, in a sense, is a tragedy,” Valukas said. “You have a company that set out to defraud the government.”