A shareholder has sued Medtronic executives and board members over their $63-million tax-compensation plan related to the company’s acquisition of Covidien.
The lawsuit—filed October 3 in U.S. District Court in Minnesota—claims the defendants reimbursed themselves for taxes they would owe in an inversion, a deal to relocate a corporation’s U.S. headquarters overseas to take advantage of lower tax rates. The $43 billion Covidien acquisition would move Medtronic’s headquarters to Ireland.
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