When the trial scheduled for tomorrow was canceled, the message was unmistakable. It's now official.
The legal dispute between billionaires Jimmy Haslam and Warren Buffett's Berkshire Hathaway over the value of the remaining 20 percent of Pilot Corporation has been resolved.
“Pilot Corporation is pleased to announce on behalf of the company and the Haslam family that an agreement has been reached to fully resolve the Delaware litigation between the company and Berkshire Hathaway Inc., Pilot Travel Centers, LLC and National Indemnity Company. including the dismissal of all claims and counterclaims against each other,” a Pilot Corporation spokesperson said in a statement.
This means the fight is over. They worked out a resolution that both sides thought was better than rolling the dice in court. This is very common in civil litigation.
In this case, it's a little more surprising because things got so ugly with Buffett's lawyers insisting that Haslam bribed Pilot executives to increase the company's value. Still, tempers tend to calm once talks reach a point where both sides are happy with the number.
The only question that remains is whether the bribery allegations will have further possible consequences. Haslam's lawyers have already admitted that federal prosecutors are investigating the situation.