Construction and mining equipment giant Caterpillar says it has settled a long-running dispute over its federal tax bill.
The company said the settlement with the IRS “resolves all issues for tax years 2007 through 2016, without any penalties.”
Additional terms of the settlement were not disclosed.
The case began, the Peoria Journal Star noted, with a lawsuit filed by a former Caterpillar employee in 2009.
The complaint alleged that Caterpillar improperly funneled profits to overseas subsidiaries to avoid paying taxes on them.
A congressional probe subsequently determined that Caterpillar saved $2.4 billion by moving money to operations in Switzerland.
Federal authorities raided its Illinois headquarters and two nearby facilities in 2017.
The company maintained that it had not broken any laws during the investigation and said it was “pleased to have reached this resolution.”
