Friday, Nov. 9, 2001 | 10:22 a.m.
LEXINGTON, Mass. -- Raytheon and Washington Group International Inc., a big construction company active in Las Vegas, have settled lawsuits against each other with no cash or assets changing hands.
WGI had accused Raytheon of fraud in the sale of its construction division to WGI last year and sued the Lexington-based defense contractor for more than $1 billion. Raytheon itself had $1 billion in claims against WGI.
Boise, Idaho-based WGI filed for Chapter 11 bankruptcy protection in May and said the agreement will help the construction and engineering company's reorganization, spokesman Brent Brandon said.
The company claimed that the sale of Raytheon Construction and Engineering to WGI in July 2000 constituted a fraudulent transfer and drove it into bankruptcy.
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