Caterpillar hires former US attorney general after raid
PEORIA, Ill. (AP) -- Caterpillar says it is hiring a former U.S. attorney general to help it sort out matters that sparked a federal raid on its Peoria headquarters.
William P. Barr will serve as outside counsel to the large equipment manufacturer. He'll help Caterpillar review and address issues relating to its use of a parts subsidiary based in Switzerland and tax-saving practices.
Issues with Caterpillar SARL have dogged the company for eight years, sparking a Senate investigation, shareholder lawsuits, and proposed taxes and penalties totaling $2 billion.
CEO Jim Umpleby said in a news release Thursday he's committed to maintaining ethical standards in conducting business. He added Barr's counsel will help the company achieve that.
Barr served as attorney general under President George H.W. Bush. He currently works at Chicago-based law firm Kirkland & Ellis.