U.S. defense contractor Lockheed Martin Corporation has agreed to pay $29.74 million to settle allegations of defective pricing on contracts for F-35 military aircraft, the U.S. Justice Department said on Thursday.

Lockheed Martin has agreed to pay nearly $30 million to settle allegations that it failed to disclose accurate pricing data on contracts for its F-35 fighter jet.

Lockheed Martin has been awarded a US$2.8 billion contract from the US Missile Defense Agency (MDA) for a follow-on development contract for the Terminal High Altitude Area Defense (THAAD) weapon system.

Lockheed Martin Corporation LMT recently clinched a contract involving submarines. The award has been offered by the Naval Sea Systems Command, Washington, D.C. Details of LMT's Deal Valued at $23.5 million,