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8/29/2012: Caterpillar Sued Over Alleged Asset Waste (Treasury & Risk; free registration required)
"Caterpillar Inc. ... [has been] sued by investors who allege directors wasted corporate assets by not ensuring that executive-incentive plans were tax-deductible. Board members also wrongly enriched themselves by taking compensation that couldn't be deducted, and the company made insufficient disclosures to stockholders, [according to suits filed by] a Philadelphia asbestos workers' pension fund and the Lansing, Michigan, Police and Fire Retirement System ... The pension funds also challenged ... the cash value, including stock options, senior officials could potentially receive -- as much as $87.2 million each under a long-term incentive plan."
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