U.S. District Judge Lewis Liman in Manhattan said the arbitration panel employed “sound” reasoning and did not exceed its power in ruling against Schulz Holding GmbH, whose U.S. and German businesses were purchased by Berkshire’s Precision Castparts for 800 million euros ($913 million) in 2017.
Lawyers for Schulz and Precision did not immediately respond to requests for comment. Buffett’s assistant did not immediately respond to similar requests.
Precision Castparts accused Schulz of using fake invoices and backdated orders to inflate revenue and profit, when the Krefeld, Germany-based company had actually been teetering near bankruptcy. It also said the acquired businesses were worth no more than 157 million euros.