Precision Castparts Corp, a unit of Warren Buffett’s Berkshire Hathaway Inc, has sued Jones Day, accusing the law firm of fraud for failing to disclose documents that would have revealed its client Schulz Holding GmbH was in deep financial trouble before Precision bought it for 800 million euros ($933.12 million).
The lawsuit, filed Thursday in state court in Houston, is the latest litigation fallout from the 2017 deal. In April, Precision Castparts was awarded 643 million euros ($750 million) by a panel of the American Arbitration Association’s International Centre for Dispute Resolution that said the company was fraudulently induced to buy German pipe maker Schulz and that “this is not a close case.”
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