Tutor Perini Corporation (NYSE:TPC) Files An 8-K Other Events
Item 8.01.           Other Events.



On May 31, 2017, Tutor Perini Corporation (the “Company”) entered into a settlement agreement with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), as successor in interest to Banc of America Securities LLC and Bank of America, N.A. (collectively “BofA”), to resolve the pending litigation between the Company and Merrill Lynch. The litigation, which was filed by the Company in 2011, related to the purchase by the Company of certain auction-rate securities from BofA.



On June 6, 2017, the Company received the $37 million cash settlement payment agreed to in the settlement agreement, and the pending litigation was dismissed with prejudice. Neither party made any admission of liability or wrongdoing, and the settlement agreement includes mutual releases of all claims and liabilities related to the subject matter of the pending litigation.



The Company will recognize the settlement as a gain in the second quarter of 2017 and report it as a component of other income in its Statement of Operations. The Company expects to evaluate the impact of this settlement, net of provision for income taxes, on its current 2017 EPS guidance of $2.10 to $2.40 concurrent with the completion of its second quarter ending June 30, 2017 and will update guidance, if appropriate, when the Company reports its second quarter results.



Forward-Looking Statements



The statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company’s expectations or beliefs regarding the proceeds from the settlement. The Company’s current expectations and beliefs are expressed in good faith and the Company believes there is a reasonable basis for them. There can be no assurance, however, that future developments affecting the Company will be those that the Company has anticipated. Any such forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.



About Tutor Perini Corporation (NYSE:TPC)

Tutor Perini Corporation, formerly Perini Corporation, is a construction company offering general contracting, construction management and design-build services to private customers and public agencies. The Company operates through three segments. The Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure. The civil contracting services include construction and rehabilitation of highways, bridges and mass-transit systems. The Building segment provides services to a range of building markets for private and public works customers, including the residential, hospitality and gaming, transportation, healthcare, commercial and government offices, education, biotech, pharmaceutical and industrial markets. The Specialty Contractors segment specializes in electrical, mechanical, plumbing and fire protection systems. It also offers a range of civil and building construction projects in the industrial and commercial markets.