Berkshire Hathaway Inc (BRK.A)

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Was Buffett snookered on Precision Castparts?

"Berkshire Hathaway unit wins 643 million euro award over 'fraudulent' German pipemaker purchase

" YORK (Reuters) - Precision Castparts Corp, a unit of Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), has been awarded 643 million euros ($700 million) in arbitration for having been fraudulently induced to buy a German maker of pipes and fittings.

The award against Schulz Holding GmbH, whose U.S. and German businesses were purchased by Precision Castparts for 800 million euros ($870 million) in February 2017, was made on April 9 by a panel of the American Arbitration Association’s International Centre for Dispute Resolution.

“This is not a close case,” the panel said in a 132-page ruling. “The evidence strongly points to fraud, and there is little in the record to suggest otherwise.”

Precision Castparts, a maker of aircraft and industrial parts, asked a federal judge in Manhattan on Tuesday night to confirm the award. Berkshire paid $32.1 billion for Precision Castparts in January 2016, its largest acquisition."

https://www.reuters.com/article/us-berkshire-buffett-arbitration-award/berkshire-hathaway-unit-wins-643-million-euro-award-over-fraudulent-german-pipemaker-purchase-idUSKCN21X29I