SYLMAR, Calif. - (Business Wire) Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction company, today announced that it has entered into a civil settlement agreement with the United States Department of Justice that resolves all outstanding issues for the Company related to a federal investigation into subcontracts between the Company’s Civil Division and certain minority-owned and disadvantaged-owned business enterprises on construction projects in the New York City area between 1998 and 2003. The Company has fully cooperated with the government throughout its investigation. In December, 2008, the U.S. Attorney’s Office in the Eastern District of New York informed Tutor Perini that no criminal charges would be brought against the Company in connection with the investigation. The Company has reinforced its policies and procedures to ensure compliance with statutory and contractual requirements concerning the utilization of business enterprises owned by minorities and the disadvantaged. Under the civil settlement agreement, the Company will pay $9.75 million to the Department of Justice. This amount was fully expensed in prior years and will have no material impact on Tutor Perini’s 2009 financial results.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building construction company offering diversified general contracting and design/build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures.
We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including excavation, concrete forming and placement, steel erection, electrical and mechanical services, plumbing and HVAC. We are known for our major complex building project commitments as well as our capacity to perform large and complex transportation and heavy civil construction for government agencies and private clients throughout the world.
Kekst and Company
Douglas Kiker, 212-521-4800
or
Tutor Perini Corporation
Ken Burk, 818-362-8391
Executive Vice President & Chief Financial Officer
www.tutorperini.com
