(BRK.A), (BRK.B)
Berkshire Hathaway has settled its dispute with the Haslem family over the valuation of the remaining 20 percent share of the Pilot Corporation that the Haslems owned.
On Sunday, Berkshire Hathaway announced that “it has reached an agreement to fully settle the Delaware litigation, including all claims and counterclaims, between Pilot Corporation and Berkshire Hathaway Inc., Pilot Travel Centers LLC, and National Indemnity Company.”
The Haslem family had sued Berkshire contending that its change to pushdown accounting had hurt their valuation in regards to Berkshire’s buyout of the remaining 20 percent stake that the Haslems still owned of the travel center company. Berkshire counter sued contending that the Haslems had illegally engaged in a bribery scheme where top executives received payments in exchange for inflating earnings in a manner that would benefit Haslems on the price Berkshire would ultimately pay to the Haslems.
The matter was due to be fought out in two-day trial this week in Delaware court, but the settlement has ended all litigation. No terms of the settlement have been released.
© 2024 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.