Warren Buffett's Berkshire Hathaway to pay $896,000 penalty
| OMAHA, Neb.
Warren Buffett's company has agreed to an $896,000 penalty for failing to tell regulators about a December 2013 investment in wallboard maker USG Corp.
The Federal Trade Commission said Wednesday that聽Berkshire聽Hathaway聽Inc. should have notified the Justice Department before it converted $325 million of senior USG notes it held into 21.4 million shares of the company.
Because聽Berkshire聽was already a significant USG shareholder, antitrust laws required it to notify regulators because of the size of the deal.
Regulators say聽Berkshire聽made a similar mistake six months earlier when it acquired securities in Symetra Financial Corp.
Berkshire聽officials did not immediately respond to questions about the settlement Wednesday.
Besides investments,聽Berkshire聽owns more than 80 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing.
