Boeing (BA+0.4%) has quietly agreed to repay the U.S. $10.7M after a three-year investigation concluded it double-billed the militaryfor taxes paid to foreign governments on overseas employees,Bloomberg reports.
The overcharges "affected hundreds of contracts across numerous Department of Defense entities," according to the latest edition of an in-house training newsletter of the Defense Contract Management Agency. The agreement, reached in September, wasn't previously disclosed.
"We can’t provide a list of all countries impacted, but to put the scope into perspective it was more than 35," agency spokesman Matthew Montgomery said in an email.
Shares of Boeingclimbed 25%in the first quarter.Discover a summary of Quant, SA Author and Wall Street ratings on BA.
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