Buffett’s Berkshire may sue former exec over Lubrizol share trades

28 April 2011 19:05  [Source: ICIS news]

HOUSTON (ICIS)--Berkshire Hathaway may sue a former executive to recover profits he made from trading in Lubrizol shares before Berkshire’s $9.7bn (€6.6bn) bid for the US lubricant-additives firm last month.

In an audit report issued late on Wednesday, Berkshire, which is controlled by US billionaire Warren Buffett, said David Sokol violated the company’s standards and business ethics.

“[Sokol’s] purchases of Lubrizol shares while serving as a representative of Berkshire Hathaway in connection with a possible business combination with Lubrizol violated company policies, including Berkshire's code of business conduct and ethics and its insider trading policies and procedures,” the report said.

($1 = €0.68)

For more on Lubrizol and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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