Berkshire to Pay $896,000 to Settle U.S. Lawsuit Over USG
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Warren Buffett’s Berkshire Hathaway Inc. agreed to pay $896,000 to settle U.S. claims that it violated antitrust laws when it acquired USG Corp. stock without reporting the transaction, after getting an earlier pass from regulators for the same infraction.
Berkshire failed to notify federal regulators about converting USG notes into stock in December, the Justice Department and the Federal Trade Commission said today. The reporting requirement covers transactions over a certain threshold so the government can evaluate whether competition will be hurt.