Science Applications International Corp. has taken a $232 million charge in relation to a contract with New York City to administer its timekeeping program CityTime.  The US Attorney’s Office in Manhattan alleges that SAIC engaged in “a massive and elaborate scheme to defraud the city.” Mayor Bloomberg said that SAIC should repay all the money the city paid the company for its services, over $600 million over eleven years.

The $232 million charge wipes out SAIC’s third-quarter profit.

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