Jan 3 The U.S. securities regulator has decided
not to take action against David Sokol, a former top executive
at Warren Buffett's Berkshire Hathaway Inc, and has
completed its probe into possible insider trading, Sokol's
lawyer told Reuters.
In 2011, Buffett said Sokol violated the company's insider
trading rules to score a $3 million windfall profit on shares of
U.S. chemicals maker Lubrizol, which rose by nearly a third
after Berkshire Hathaway announced it would buy the company.
The U.S. Securities and Exchange Commission (SEC) began
investigating Sokol's investment in Lubrizol shortly after Sokol
resigned from Berkshire Hathaway.
Sokol's lawyer Barry Wm. Levine told Reuters late on
Thursday that he was informed that the SEC had wrapped up its
investigation and decided not to take action against Sokol.
"SEC has terminated its investigation and has concluded not
to bring any proceedings against Sokol," said Levine, a lawyer
at legal firm Dickstein Shapiro.
Sokol has been "completely cleared" as there was no evidence
against his client, Levine said.
Berkshire Hathaway and SEC could not immediately be reached
for comment by Reuters outside of regular U.S. business hours.