Booz Allen To Pay $377.5 Mln To Settle Billing Practices Probe By DoJ

(RTTNews) - Booz Allen Hamilton Holding Corp. (BAH) Friday said that it has agreed to a $377.5 million settlement with the Justice Department to resolve previously disclosed investigation related to the company's cost accounting and indirect cost charging practices.

In a SEC filing, Booz Allen revealed that the investigation was related to "certain elements of the company's cost accounting and indirect cost charging practices" from April 2011 through March 2021.

Under the terms of the settlement agreement, the company has agreed to pay to the US $377.5 million, which the company expects to pay with cash on hand and by drawing on its revolving credit facility.

The company had previously recorded a $350.0 million reserve relating to this investigation and had previously disclosed that it believed the range of reasonably possible loss in connection with the investigation to be between $350 million and $378 million.