Caterpillar Hit With Derivative Suit Over $2.4B Tax Evasion
Law360, Wilmington (February 26, 2016, 8:18 PM EST) -- A Caterpillar Inc. shareholder has hit the company with a derivative suit in Delaware Chancery Court, alleging Caterpillar brass exposed the company to billions of dollars in liabilities by signing off on a plan to avoid $2.4 billion in U.S. taxes by shifting profits to a Swiss affiliate.
Shareholder Judy Pill filed a derivative suit against Caterpillar's board of directors and the company auditor PricewaterhouseCoopers LLP, claiming they breached their fiduciary duties to the construction manufacturer by approving what a Senate committee report in 2014 said was a plan to use a Swiss subsidiary to dodge $2.4 billion in taxes....
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