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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Thales-Raytheon Systems's Activities in the Middle East since 2014 · Raytheon Company/Raytheon Technologies Corporation/RTX Corporation

Information & Summary

Investigation into Thales-Raytheon Systems's Activities in the Middle East since 2014

Related FCPA Matter:   Raytheon's Involvement in Qatar between the early 2000s and 2020 Information

Information & Summary

Investigation Name:    Investigation into Thales-Raytheon Systems's Activities in the Middle East since 2014

Trend:    None

Type of investigation:    Internal, SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

Raytheon Company was a major U.S. defense contractor and industrial corporation with core manufacturing concentrations in weapons and military and commercial electronics. Incorporated in Delaware and headquartered in Massachusetts, its common stock was traded on the New York Stock Exchange.

In its 10-K filed on February 12, 2020, Raytheon disclosed that it had received a subpoena from the SEC seeking information in connection with possible improper payments made by Thales-Raytheon Systems Company LLC (a Raytheon and Thales Group joint venture), Raytheon, or anyone acting on their behalf on contracts in certain Middle East countries since 2014. Raytheon said it was cooperating with the SEC and that it had begun an examination into whether there was any conduct that is in violation of Raytheon policy.

On April 3, 2020, Raytheon completed its merger with United Technologies Corporation. The merged company was renamed Raytheon Technologies Corporation ("Raytheon Tech").

In its 10-Q filed on May 7, 2020, Raytheon Tech disclosed that the DOJ had opened a parallel investigation in the first quarter of 2020.

In its 20-Q filed on October 27, 2020, Raytheon Tech disclosed that the SEC had issued a second subpoena to the company in the third quarter of 2020.

In July 2023, Raytheon Tech changed its name to RTX Corporation.

In its 10-K filed on February 5, 2024, RTX disclosed that the company's internal investigation had uncovered information indicating possible misconduct in connection with the contracts at issue.

In its 10-Q filed on July 25, 2024, RTX said that the company had made significant progress in the second quarter of 2024 towards resolving the DOJ and SEC investigations. It anticipated entering a deferred prosecution agreement with the DOJ and an administrative settlement with the SEC. Accordingly, the company accrued $364 million anticipation of the settlements.

On October 16, 2024, RTX entered in to a settled administrative proceeding with the SEC and a deferred prosecution agreement with the DOJ to resolve the FCPA investigations into the company.

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