U.S. District Judge Lewis Liman in Manhattan said the arbitration panel employed "sound" reasoning and did not exceed its power in ruling against Schulz Holding GmbH, whose U.S. and German businesses were purchased by Berkshire's Precision Castparts for 800 million euros ($913 million) in 2017 (File pic Warren Buffett)
NEW YORK: A U.S. judge on Wednesday confirmed a 643 million euro (US$734 million) award in favor of a unit of Warren Buffett's Berkshire Hathaway Inc that claimed it was fraudulently induced to buy a German pipemaker that had inflated sales to look profitable.
U.S. District Judge Lewis Liman in Manhattan said the arbitration panel employed "sound" reasoning and did not exceed its power in ruling against Schulz Holding GmbH, whose U.S. and German businesses were purchased by Berkshire's Precision Castparts for 800 million euros ($913 million) in 2017.
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