Related Links: Bovis Top Executive Resigns 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."James Abadie, 55, who had been executive vice president of Bovis and principal-in-charge of its New York operations, pleaded guilty to
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.