Lockheed Martin will lose its entire fee of about $70 million to defray an 18 percent cost overrun on the first newly designed Global Positioning System satellites, according to the Air Force. The Bethesda-based company, the biggest U.S. defense contractor, had estimated that it would cost $1.5 billion to develop, test and build the first two GPS III satellites. However, Air Force spokeswoman Vicki Stein said the cost had risen to $1.62 billion. Read More
