Warren Buffett's company decided not to move forward with an expedited trial on its bribery allegations against the billionaire Haslam family in January under the strict conditions a judge set
OMAHA, Neb. — Warren Buffett's company decided not to move forward with an expedited trial on its bribery allegations against the billionaire Haslam family in January under the strict conditions a judge set, but it will still be able to raise those concerns then as a judge considers the Haslams' rival claim that Berkshire Hathaway tried to depress the Pilot truck stop chain's earnings.
Both the Haslams and Berkshire have accused each other of trying to manipulate the profits at the nation's largest truck stop chain because those numbers will determine how much Berkshire has to pay if the family decides to sell its remaining 20% stake in the business next year as expected. The two sides agreed on a formula in 2017 when the family decided to sell the first chunk of the business that sets the price based on the earnings.
The Haslams argue that Berkshire is trying to keep earnings down with an accounting change at Pilot while Berkshire says that Cleveland Browns owner Jimmy Haslam tried to bribe executives at the truck stop chain his family used to run to inflate earnings at the company. The Haslam family includes Jimmy Haslam and former Tennessee governor Bill Haslam and their father who founded the company.
A Delaware judge already scheduled a two-day January trial on the allegations the Haslams made about the accounting change in its initial lawsuit in October. But the judge said that if Berkshire wanted to get a decision on its bribery allegations at the same time it would have to forego requesting any additional evidence
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