The team ofÂ BoeingÂ (NYSE: BA) andÂ Lockheed MartinÂ (NYSE: LMT) will not pursue a legal challenge in federal claims court of the U.S. Air Forceâs award of the Long Range Strike Bomber contract to Northrop Grumman (NYSE: NOC), Bloomberg reported Friday.
Julie Johnsson writes the decision comes a week after the Government Accountability Office denied a protestÂ filed by the two companies against the award of the LRSB contract to Northrop in October 2015.
Andrea Shalal also reports for Reuters that a source said Air Force Secretary Deborah Lee James is scheduled to announce the official name of the bomberÂ Friday at a conference in Orlando.
Senate Armed Services Committee Chairman John McCainÂ said that he would move to bar the authorization of the bomber program because it is based on a cost-plus contracting model, according to the report.
The Air Force told Reuters that it would set up a meeting with McCain to discuss issues on the program.