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Shareholder files lawsuit against Caterpillar after federal raid

Caterpillar and some of its top executives are being sued by a shareholder in federal court just one day after a search warrant was issued at three local facilities as part of the ongoing investigation into the company’s tax practices overseas.

 

The law firm of Pomerantz LLP filed the lawsuit in Chicago’s federal court Friday on behalf of Jacob Newman. He is trying to have the suit gain class action status. He alleges the company made false and misleading statements and engaged in unlawful acts related to CSARL, a parts subsidiary in Switzerland. Newman claims this has caused him “significant losses”.

 

Newman and his attorneys are asking for unspecified damages and is demanding a jury trial. 


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