The company at the heart of one of the city’s biggest scandal’s — the fraud-ridden CityTime payroll system — has agreed to pay back an astonishing $500 million, officials said today.
Virginia-based Science Applications International Corp., a publicly-traded company with numerous federal government contracts, also agreed to sign a “statement of responsibility” for the wholesale swindle.
As a result of the deal, officials said the feds are going to defer prosecution of the firm.
CityTime cost taxpayers about $693 million and Mayor Bloomberg announced last year that the city would try to recoup most of the $650 million paid to SAIC after prosecutors said the computerized timekeeping contract was permeated with fraud.
In December, The Post reported that SAIC had set aside at least $232 million for the repayment.
Bloomberg, US Attorney Preet Bharara and city investigations commissioner Rose Gill Hearn scheduled a noon press conference to provide details of the settlement.