Precision shareholder sues to block sale


Suit filed in Multnomah County delays Warren Buffett’s latest acquisition.

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BY JACOB PALMER | DIGITAL NEWS EDITOR

A suit filed in Multnomah County aims to delay Warren Buffett’s latest acquisition of Portland-based Precision Castparts Corp.

Shareholder Susan McIlduff is suing board members, alleging they “breached their fiduciary duties by ‘directly breaching and/oraiding and abetting the other defendants’ breaches of their fiduciary duties of loyalty, due care, candor, independence, good faith and fair dealing,'” according to the Portland Tribune.

McIlduff says the board members are considering a deal on a share price that was well below what the company’s shares have been trading at in the past year.

Precision Castparts spokesman Joe Hixson said Saturday that the “claims lack merit and PCC will contest them vigorously.” Officials with Berkshire Hathaway officials have not commented on the lawsuit. No court date has been set for the case.

(SOURCE: Portland Tribune)

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