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Del. Judge Dismisses Berkshire Shareholder Suit

A Delaware judge dismissed a shareholder lawsuit alleging that billionaire Warren Buffett and directors of Berkshire Hathaway Inc. failed to take proper action in response to stock trades by a former Berkshire executive ahead of the company's $9 billion acquisition of chemical manufacturer Lubrizol.

By Randall Chase, Associated Press | Updated on March 20, 2012

WILMINGTON, Del. — A Delaware judge on Monday dismissed a shareholder lawsuit alleging that billionaire Warren Buffett and directors of Berkshire Hathaway Inc. failed to take proper action in response to stock trades by a former Berkshire executive ahead of the company’s $9 billion acquisition of chemical manufacturer Lubrizol.

Vice Chancellor J. Travis Laster ruled that the shareholders failed to demonstrate before filing their lawsuit, as required by Delaware law, that the Berkshire board was not capable or willing to take legal action itself, or that it would be futile for shareholders to demand that it do so.

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