BOSTON--(BUSINESS WIRE)--Iron Mountain® Incorporated (NYSE: IRM), the storage and information management firm, today announced that it has reached a settlement agreement with the U.S. Department of Justice (DOJ) to resolve a civil complaint regarding pricing issues associated with Records Management, Data Management and Secure Shredding services that the company provided under U.S. General Services Administration (GSA) Multiple Award Schedule contracts. Under the agreement, Iron Mountain will pay $44.5 million to resolve all GSA pricing issues.
Iron Mountain proactively self-reported pricing issues to the GSA before the civil complaint was filed, and worked cooperatively with the GSA and the DOJ to come to a resolution. The company continues to serve the Federal government and is committed to ensuring compliance with GSA Schedule contracts.
“We worked collaboratively with both the GSA and Department of Justice during the course of their investigation of the GSA-pricing issues, fully cooperating with them at every stage,” said Ernest Cloutier, the company’s Executive Vice President of U.S. Federal, Security and Legal. “We are pleased to have reached this resolution and put the matter behind us, and we look forward to continuing to support our Federal government customers.”
Iron Mountain has maintained a deferred revenue liability based on an estimate of the GSA pricing adjustment and, as a result of this settlement, there will be no material impact to its statement of operations in the fourth quarter of 2014.
The company simultaneously agreed to small settlements with certain State of California entities.
About Iron Mountain
Iron Mountain Incorporated (NYSE: IRM) is a leading provider of storage and information management services. The company’s real estate network of over 67 million square feet across more than 1,000 facilities in 36 countries allows it to serve customers around the world. And its solutions for records management, data management, document management, data center management and secure shredding help organizations to lower storage costs, comply with regulations, recover from disaster, and better use their information . Founded in 1951, Iron Mountain stores and protects billions of information assets, including business documents, backup tapes, electronic files and medical data. Visit www.ironmountain.com for more information.