Lockheed Says It Must OK Titan Settlements

Lockheed Martin Corp. said Titan Corp., the military contractor it plans to buy, cannot settle government criminal probes into the firm without Lockheed’s written consent.

Lockheed could withhold its consent from any Titan settlement agreement with the government if the fines payable by Titan or its affiliates are “materially adverse” or if the settlement imposes significant limitations on Titan’s business, Bethesda, Md.-based Lockheed said in a quarterly filing with securities regulators.