- Fifty winning retailers, state by state
- Sears taps former Lehman Brothers VP to lead Craftsman
- Economic signals still mixed at HIRI conference
- Ace addresses 2011 strategy, supply chain
- New Product Showcase: Building for the future
- At Bed Bath & Beyond, a strong Q3
- Ace's Motorcycle Mission rides again
Winona, Minn.-based fastener distributor, Fastenal, announced it has sighed a settlement agreement in a case filed against it by the United States General Services Administration (GSA).
Under terms of the agreement, Fastenal will make an immediate one-time payment of $6.25 million.
According to the release, the company had a contract with GSA between 2000 and 2005. After conducting an audit in 2006, the GSA alleged Fastenal had not complied with certain pricing and product requirement provisions, and had potentially overcharged government customers under the contract.
Fastenal continues to believe they complied with their obligation under the contract, but felt a continuation of the dispute was not the best use of resources.