AEROSPACE
From Times Staff and Wire Reports
Lockheed Settles Simmons Lawsuit: The Calabasas-based aerospace concern agreed to pay $27 million to NL Industries Inc., a Houston chemicals firm controlled by investor Harold C. Simmons, to settle a suit stemming from Simmons’ failed takeover bid for Lockheed in 1990. A federal jury in Los Angeles, after hearing NL’s allegation that Lockheed failed to disclose critical information during the takeover fight in violation of U.S. securities laws, had awarded $30 million to NL in late 1992. Lockheed, which appealed, said it still believes the verdict “was in error” but that it “was in the best interests of the company to resolve the longstanding dispute” for an amount less than the jury’s award.
