Liberty Posted April 19, 2011 Share Posted April 19, 2011 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. Link to comment Share on other sites More sharing options...
collegeinvestor Posted April 19, 2011 Share Posted April 19, 2011 Yikes! Link to comment Share on other sites More sharing options...
Buffetteer Posted April 19, 2011 Share Posted April 19, 2011 This is a joke, can't believe it even made the news. Link to comment Share on other sites More sharing options...
collegeinvestor Posted April 19, 2011 Share Posted April 19, 2011 Why do you think this is a joke? Link to comment Share on other sites More sharing options...
Buffetteer Posted April 19, 2011 Share Posted April 19, 2011 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. Link to comment Share on other sites More sharing options...
collegeinvestor Posted April 19, 2011 Share Posted April 19, 2011 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... Link to comment Share on other sites More sharing options...
Buffetteer Posted April 19, 2011 Share Posted April 19, 2011 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. Link to comment Share on other sites More sharing options...
collegeinvestor Posted April 19, 2011 Share Posted April 19, 2011 Yeah I just wonder whether this lawsuit will be a catalyst for the SEC investigation. Link to comment Share on other sites More sharing options...
shalab Posted April 19, 2011 Share Posted April 19, 2011 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 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now