Money on the way: Jackson to get millions from Siemens lawsuit in 30 days, mayor says

The city of Jackson will recoup the almost $90 million it paid out to Siemens Industry Inc. in the next 30 days.

The settlement terms over the city's largest-ever contract to improve its water systems infrastructure orders the company to pay back $89.8 million from the time a final release is made, Mayor Chokwe Antar Lumumba said Tuesday night.

The final terms are expected to be filed Wednesday in Hinds County Circuit Court, the mayor said, which would mean the city should recoup the funds by April 17.

The city is also dropping any legal action against four local subcontractors it originally said acted as "sham contractors" who inflated the contract by $58 million. Those companies are U.S. Consolidated Inc., M.A.C. & Associates LLC, Ivision IT Consultants LLC, and Garrett Enterprises Consolidated Inc.

Read more: https://www.clarionledger.com/story/news/local/2020/03/18/siemens-settlement-jackson-ms-recoup-89-8-million-next-30-days/5075496002/