A unit of Caterpillar Inc. admitted that it cheated customers by performing unnecessary repairs to their railcars and pleaded guilty to dumping brake shoes and other parts into the ocean to hide evidence, according to court documents. United Industries LLC, part of Caterpillar’s Progress Rail Services unit, agreed to pay a criminal fine of $5 million as well as a total of $20 million in restitution to three railcar-owning companies: TTX Co., Greenbrier Cos. and the Pacer International unit of XPO Logistics Inc....

Source: Wall Street Journal December 07, 2017 21:19 UTC