Lend Lease (U.S.) Construction LMB Inc., formerly Bovis Lend Lease, and its former top New York City executive on April 24 settled charges of decade-long overbilling, padding time sheets and other fraud on some of the city's biggest public and private projects.
The agreement, with the U.S. Attorney's office in Brooklyn, N.Y., defers prosecution of the firm. It has agreed to pay $56 million in federal penalties and fraud-victim compensation and implement "far-reaching corporate reforms."