Pension Fund Sues Over Berkshire, BNSF Deal

Law360, New York (November 5, 2009, 12:34 PM EST) -- A public pension fund has filed a proposed class action alleging that shareholders haven't been given enough information about Berkshire Hathaway Inc.'s proposed $34 billion cash and stock acquisition of railway operator Burlington Northern Santa Fe Corp.

In a lawsuit filed Wednesday in the District Court of Dallas County, Texas, the Employees Retirement System of the City of New Orleans claims that BNSF's directors have breached their fiduciary duties by attempting to coerce shareholders into a sale that doesn't maximize shareholder value.

The plaintiff objects to...
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