General Dynamics disagrees with court |
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Fri, 04 May 2007 01:05
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WASHINGTON (AP) - General Dynamics Corp. on Thursday said it disagrees with a ruling by the U.S. Court of Federal Claims to uphold the government's decision to terminate an A-12 aircraft contract.The Falls Church, Va.-based company said in a Securities and Exchange Commission filing it believes the Navy's decision to terminate the deal was not justified.The Navy terminated the A-12 aircraft contract built by General Dynamics and McDonnell Douglas, a unit of Boeing Co., in January 1991 for performance issues. The Navy has demanded the contractors pay $1.4 billion as a result of the termination.'The ruling raises serious issues for appeal, and intends to pursue its right to appeal,' the regulatory filing stated.Shares of General Dynamics rose 65 cents to close at $80.47.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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