Buffett, Berkshire Board Sued Over $10B Lubrizol Deal

Law360, New York (April 19, 2011, 4:47 PM EDT) -- A Berkshire Hathaway Inc. shareholder sued the company's board, CEO Warren Buffett and his former right-hand man in Delaware on Monday over alleged unethical behavior in the holding company's $9.7 billion purchase of chemical company Lubrizol Corp.

Mason Kirby's shareholder derivative suit says David L. Sokol abruptly quit Berkshire in March after loading up on more than 96,000 Lubrizol shares in January and then convincing Buffett that Lubrizol was a quality takeover target. The suit says Sokol owes shareholders damages and restitution for breaching his fiduciary...
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