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United Tech Appeals $473M Fine

Greg Hayes, chief financial officer of United Technologies Corp., on a conference call Tuesday with analysts, discussed a June 17 order by a federal judge in Ohio that subsidiary jet engine maker Pratt & Whitney pay a $473 million fine plus interest for alleged fraud in the sale of fighter jet engines.

HARTFORD, Conn. (AP) -- Greg Hayes, chief financial officer of United Technologies Corp., on a conference call Tuesday with analysts, discussed a June 17 order by a federal judge in Ohio that subsidiary jet engine maker Pratt & Whitney pay a $473 million fine plus interest for alleged fraud in the sale of fighter jet engines.

"Right now, based upon outside legal counsel, our own review, we believe we will prevail on appeal so we have not taken any reserves associated with this and we would not expect to have any cash impact on this for quite some time. We continue to believe the government wasn't harmed."

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