Berkshire Hathaway And Haslam Family Resolve Dispute Over Pilot Travel Centers Stake

(RTTNews) - Warren Buffett's Berkshire Hathaway Inc. (BRK-B, BRK-A) and Pilot Corp., which the Haslam family owns, said Sunday that they have reached an agreement to fully settle the Delaware litigation, including all claims and counterclaims, between Pilot Corp. and Berkshire Hathaway, Pilot Travel Centers LLC, and National Indemnity Company.

The settlement reportedly avoided a trial scheduled to begin Monday in Delaware Chancery Court to settle dispute between them.

Berkshire Hathaway currently holds an 80% ownership stake in Pilot Travel Centers. The Haslam family retained the right to prompt Berkshire to acquire their remaining 20% stake on an annual basis.

The Haslam family and Pilot Corp. reportedly accused Berkshire Hathaway of adopting an accounting method that would significantly reduce the price Berkshire would pay for acquiring the family's remaining 20% stake in Pilot Travel Centers.

In response, Berkshire accused Jimmy Haslam of providing payments to Pilot Travel Centers executives to inflate the company's value, aiming for a larger buyout from Berkshire for his family.