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Berkshire and Buffett Sued
Berkshire Hathaway's Warren Buffett, ex-top lieutenant David Sokol, and the Board of Directors were sued on Tuesday by a shareholder over a trading scandal that cost Sokol his job. Until he resigned last month, Mr. Sokol had been a leading contender to succeed Buffett as Berkshire's chief executive.
Mr. Sokol apparently had little choice after it became public knowledge that Sokol purchased shares in Lubrizol Corp. before he suggested to Mr. Buffett that Berkshire acquire the company. Sokol had chaired Berkshire's MidAmerican Energy unit and oversaw its NetJets Inc operations.
The lawsuit, filed in Delaware's Chancery Court by Berkshire shareholder Mason Kirby, calls for disgorgement of Sokol's unlawful investment gains - ~ $3 million - and seeks to recover damage done to the company's reputation and goodwill. The case is Kirby v. Sokol et al, Delaware Chancery Court, No. 6392. [Reuters, 4/19]
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