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Raytheon receives eBorders arbitration award

Aug 18 2014, 10:02 ET | About: Raytheon Company (RTN)

Raytheon (RTN +1%) has announced its receipt of a decision over Raytheon Systems Limited (Raytheon U.K.) and the United Kingdom Home Office's lawsuit over their eBorders program.The arbitration found that the Home Office had unlawfully terminated Raytheon U.K. for default in 2010 and therefore had renounced their eBorders contract.As a result, approximately £185M ($309M) has been awarded to Raytheon U.K. for damages and other monetary relief. The tribunal also found that the Home Office had wrongfully retained the £50M ($83M) it had drawn on Raytheon U.K.'s letters of credit in April 2011.
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