Berkshire-Owned Aerospace Co. Settles Investor Suit for $21M
Law360 (January 8, 2021, 8:12 PM EST) -- Investors of an aerospace parts manufacturer now owned by Berkshire Hathaway Inc. asked an Oregon federal judge Friday to approve a $21 million deal to end claims the company issued misleading proxy materials leading up to its merger.
The Precision Castparts Corp. settlement comes after four years of litigation and later, mediation, over claims its 2015 proxy statement misled investors into approving Berkshire Hathaway's acquisition.
"The focus of the complaint is entirely on misrepresentations and omissions made in a single SEC filing (i.e. the proxy), which was uniformly distributed in the same form to all Precision shareholders," investors said in its...
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