Shareholders Fire Off Suit Over Berkshire, BNSF Deal

Law360, New York (November 13, 2009, 3:58 PM EST) -- Shareholders have filed another proposed class action challenging Berkshire Hathaway Inc.'s proposed $34 billion cash-and-stock acquisition of Burlington Northern Santa Fe Corp., saying the railroad's board failed to ensure that shareholders received the maximum value for their shares.

Don August and George Joseph Hannon filed suit Tuesday in the Delaware Chancery Court alleging the BNSF board failed to properly discharge their fiduciary duties. The suit, which also names the Burlington board members and Berkshire, asks the court to enjoin the close of the deal.

The suit...
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