August 15, 2001  Sverdrup Technology Inc.

Sverdrup Technology Inc. has agreed to pay $2.5 Million Dollars to settle claims asserted in a qui tam case filed by Kenneth Trawick, a chemist formerly employed by the company.

The case stemmed from alleged mischarging practices carried out by two laboratories operated by Sverdrup at the Stennis Space center in Hancock Mississippi.

The allegations were that Sverdrup violated the False Claims Act by mischarging overhead, labor and materials costs as direct costs to the government, which allowed the company to increase its profits by disguising the true extent of its overhead expenses.

As part of the settlement, Mr. Trawick will receive $150,000 for having filed the qui tam case.

See U.S. Dept of Justice Press Release 8/15/01

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