Buffett and Sokol Sued Over Trading in Lubrizol Shares

[Liberty]

http://dealbook.nytimes.com/2011/04/19/buffett-and-sokol-sued-over-trading-in-lubrizol-shares/

 

The shareholder derivative complaint, filed in the Delaware Court of Chancery by 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 good will.

[collegeinvestor]

Yikes!

[Buffetteer]

This is a joke, can't believe it even made the news.

[collegeinvestor]

Why do you think this is a joke?

[Buffetteer]

A shareholder (1) sues Sokol & Buffett.

 

First, why Buffett?...and second, anyone can file a lawsuit no matter how frivolous or baseless. If the SEC does it I consider it news, if Mason Kirby from Delaware does it I consider it a joke, IMHO.

[collegeinvestor]

At least he is a shareholder protecting his rights. As warren Buffett says we are partners...no matter how little or large you are as a shareholder. I think what David Sokol did was very wrong...

[Buffetteer]

I agree with you, I think what David Sokol did was wrong as well, and have said so in other posts on this board.

 

And I also agree that the amount of shares you own has no bearing on how you should be treated as a shareholder/partner. What I meant was that this has been in the news for about a month now and there have been no lawsuits, none. Would suggest that 99.9% of shareholders/partners do not share Mr. Kirby's views. At the very least he should wait for the results of the SEC investigation. He nor anyone else has enough information for a lawsuit, at this time. It's baseless.

[collegeinvestor]

Yeah I just wonder whether this lawsuit will be a catalyst for the SEC investigation.

[shalab]

The lawsuit is frivolous - the entire case is noted below. Munger, Buffett and the board of BRK is held as the defendant.

 

http://www.scribd.com/doc/53362856/kirby-v-sokol