Remington’s lawsuit against Colt Defense, LLC, Fabrique Nationale Herstal USA, and the federal government has been dismissed by Senior Judge Nancy B. Firestone of the US Court of Federal Claims. The sealed lawsuit, which contested the award of a mega-million dollar contract to the two defendant companies, was filed on November 24th, of 2015. Although no judgment has been published yet, you can read the Order of Dismissal here.
Fabrique Nationale and Colt Defense, LLC, received a joint firm-fixed-price multi-year contract in late September for M4A1 Carbines, worth $212 million with an estimated completion date of September 24, 2020. Remington Arms, wracked by the failure and subsequent recall of the new model Remington 51 handgun, the Remington 887 recall, the Remington 700 scandal (resulting in the modification of potentially millions of Model 700 rifles, but which Remington insists was not a recall), the Daniel Defense lawsuit, and Remington parent company Cerberus’ attempts to find a buyer for the company, have resulted in the company receiving a downgraded rating from Moody Investor Services.
Colt Defense’s prices on M4 Carbines have been reduced dramatically in the past decade. In the early 2000s, the company set a unit price for the rifles of over $1,100 per; today their price is only slightly above $600 per rifle. This decrease was driven by the elimination of Colt as a single-source producer, and by the company’s financial troubles.
Thanks to Daniel for the tip!