SYLMAR, Calif.--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC), a leading civil and building
construction company, today announced that it has reached legal
settlements on the two long-standing matters described below. In
addition, the Company has received its approximately $52-million portion
of the payment related to the recently settled Central Artery/Tunnel
project dispute with the Massachusetts Department of Transportation.
MGM CityCenter Matter
On December 12, 2014, Tutor Perini Corporation and Tutor Perini Building
Corp. (collectively “Tutor Perini”) reached a settlement with MGM Mirage
Resorts International and CityCenter Holdings, LLC (collectively
“CityCenter”) regarding the CityCenter Project and the litigation which
commenced in 2010. The settlement was entered into under confidential
terms which fully resolve all material disputes between Tutor Perini,
CityCenter, and the related subcontractors.
UCLA Santa Monica Orthopedic Hospital Matter
Tutor Perini has reached a settlement with the University of California
at Los Angeles regarding the UCLA Santa Monica Orthopedic Hospital
project subject to the Regents’ approval in the first quarter of 2015.
This dispute, which has been ongoing since 2006, centered upon Tutor
Perini’s claims for reimbursement of certain time delay and other costs.
The settlement agreement resolves all related outstanding issues in the
matter.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building construction
company offering diversified general contracting and design-build
services to private clients and public agencies throughout the world. We
have provided construction services since 1894 and have established a
strong reputation within our markets by executing large complex projects
on time and within budget while adhering to strict quality control
measures.
Source: Tutor Perini Corporation