Never Ever, Thought I Would See This . . . . Warren Buffett Gets Bamboozled?
Just out . . . Berkshire Hathaway, Warren Buffet’s investment firm, is suing international law firm Jones Day for fraud. In 2017, a Berkshire Hathaway subsidiary Precision Castparts purchased Wilhelm Schulz, a German oil and gas pipemaker for $940 million dollars. Only problem, Wilhelm Schulz fraudulently manufactured invoices, invented “phantom customers,” and misrepresented their financial position during the acquisition (they were in fact at the time in discussion with insolvency representatives). Precision Castparts, the Berkshire subsidiary, ended up losing some $755 million in the deal as the fraud and misrepresentation later became clear. In fact, an arbitrator recently awarded Precision Castparts 643 million euros ($756 million) based on Wilhelm Schulz’s true value at the time of acquisition of 157 million euros (approximately $200 million). Because Wilhelm Schulz is in bankruptcy, it is very unlikely that Precision Castparts will recover much of any of the arbitration award. Thus, the lawsuit against Jones Day, the lawyers that represented Wilhelm Schulz in the acquisition.
Source: http://corporatejusticeblog.blogspot.com/2020/10/never-ever-thought-i-would-see-this.html
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