Sept. 5 (Bloomberg) — Warren Buffett's Berkshire Hathaway Inc. didn't break promises on retirement benefits to employees of a brick-making business it acquired in 2000, the company said in a challenge to a lawsuit filed last month.
Judy Hunter, the chief financial officer at Acme Building Brands, along with another current and one former employee, sued Berkshire for breach of contract in federal court in Fort Worth, Texas, on Aug. 15.
Hunter and the other plaintiffs claimed Berkshire "instigated changes that caused the 401(k) plan to be underfunded, and to completely freeze the accrual of benefits under the pension plan." They're seeking to represent all other participants in Acme's 401(k) and pension plans.
About 1,558 individuals are participants in the Acme pension plan and 1,010 of these people are participants in the 401(k) plan, according to the complaint. "Many if not all of those persons are likely members of the 401(k) class or the pension plan class," the plaintiffs' said in the complaint
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