Warren Buffett’s Berkshire Hathaway has been fined nearly $1m by the US Department of Justice for allegedly breaching reporting requirements when building a stake in a construction supplies group.
The incident marks the second time in six months that the company has failed to notify US competition authorities about major share purchases, according to a complaint filed in a Washington court yesterday.
The company was let off with a warning when it ignored the reporting threshold for its stake in a life assurance group last summer, but the US Federal Trade Commission sought legal action when it happened again in December. A company is required to halt share buying and file a notification if its stake in another group reaches more than $283.6m.
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