Inchcape Shipping Services has coughed up $20m to resolve a long standing dispute with the US Navy who had claimed the British firm had overbilled it over a nine-year period through to 2014.
“We trust contractors supporting our warfighters to act with the utmost integrity and expect them to comply with their obligations to bill the government as called for by their contracts,” the US attorney for the District of Columbia, Jessie Liu, said in the statement.
Inchcape said in a statement it disputed the allegations but had decided to settle the case because it was still in its early stages and appeared likely to remain a distraction for many more years.
“Inchcape, accordingly, has determined that it must put this matter behind it so that the company can focus on the future,” the statement said. It said the settlement had ended the matter “without any finding of fault.”