Sokol had personally bought $10 million worth of stock in Lubrizol shortly before bringing Lubrizol to Mr. Buffett’s attention. In March, Berskhire announced that it had agreed to purchase Lubrizol for $9 billion — causing its shares to surge and increasing the value of Mr. Sokol’s holding by $3 million.
The shareholder derivative complaint, filed in the Delaware Court of Chancery by the Berkshire shareholder, Mason Kirby, asks the court to disgorge Mr. Sokol’s trading profits in Lubrizol and to award damages because of the damage done to Berkshire’s goodwill.
Read more: Buffett and Sokol Sued Over Trading in Lubrizol Shares — DealBook
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