Caterpillar Sued by Investor After Corporate Offices Raided
- Federal officials seized records related to Swiss affiliate
- Suit alleges company made false and misleading statements
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Caterpillar Inc. was sued by a shareholder for alleged deception a day after federal officials raided its corporate headquarters in Peoria, Illinois, seeking evidence as part of a criminal probe.
The company is accused in the investor suit of making false and misleading statements and failing to disclose that it used its foreign subsidiaries to avoid paying billions of dollars in U.S. taxes. Plaintiff Jacob Newman seeks class-action status and unspecified damages for "significant losses," according to the complaint filed Friday in federal court in Chicago.