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RPM International Inc Announces Resolution Of GSA Pricing Inquiry


Tuesday, 27 Aug 2013 07:44pm EDT 

RPM International Inc announced that it has entered into a final agreement with the U.S. Department of Justice (DOJ) to settle claims regarding U.S. General Services Administration (GSA) Multiple Award Schedule (MAS) contracts held by the roofing division of the RPM Building Solutions Group. The company expects to pay a total of approximately $65.1 million in order to resolve the issues arising out of those contracts and other related costs. As previously reported, on April 4, 2013, RPM disclosed that it had taken an accrual of $68.8 million in anticipation of a potential settlement. Additionally, on July 22, 2013, RPM disclosed that it had reduced its estimated accrual by $3.7 million. The settlement with the DOJ involved the Building Solutions Group's recognition that accurate information about commercial pricing and discounting practices was not always provided on a timely basis to the GSA, and that federal agencies purchasing under the GSA MAS contracts did not always receive the pricing required by the contracts. The majority of the incidents on which the settlement is based occurred between 2002 and 2008. 

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47.81
0.13 +0.27%
26 Nov 2014