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OMAHA — Berkshire Hathaway said Wednesday that a former executive believed to have been in line to succeed Warren Buffett as chief executive violated the company’s insider- trading and ethics policies by buying stock in a chemical company Berkshire is acquiring and failing to disclose key details.
Buffett released a report that Berkshire’s audit committee produced after examining David Sokol’s $10 million investment in Lubrizol. It’s not clear whether Sokol will face any additional sanctions for his actions because the company says its policies set a higher standard than does the law.
