FINANCIAL TIMES ADVISER: Warren Buffett sued over Sokol trades

• Nick Reeve
• Magazine: InvestmentAdviser
• Published Tuesday , April 19, 2011

The board of directors of Warren Buffett's investment firm Berkshire Hathaway is being sued by a shareholder, following the resignation of his former heir apparent David Sokol over controversial trades.

The case Kirby v Sokol et al was filed in Delaware's Chancery Court today (Tuesday) by shareholder Mason Kirby, who is seeking disgorgement of any gains made under Mr Sokol's disputed trades.

Mr Sokol resigned from the board of Berkshire Hathaway last month after he personally bought shares in chemicals firm Lubrizol before recommending the stock to Mr Buffett.

The lawsuit seeks to recover alleged damage done to Berkshire's reputation by the board.

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