Berkshire Hathaway settled a billion-dollar lawsuit with the Haslam family over how Berkshire accounted for the value of Pilot Travel Centers, which would affect the price paid in a forced buyout of the family's remaining stake in that truck-stop giant, both sides said Sunday night. The Haslam family and its Pilot Corp. in the suit filed this fall alleged that Berkshire Hathaway improperly adopted a form of accounting of the value of Pilot Travel Centers that would have led to a sharply lower price Berkshire would pay to acquire the family's remaining 20% stake in PTC. Berkshire in turn had accused Cleveland Browns owner Jimmy Haslam of offering payments to PTC executives to boost the value of the company so that his family would get a bigger buyout from Berkshire, which controls PTC. The Haslam family and Pilot Corp. strongly denied those claims. Berkshire and Pilot Corp. in similar press statements Sunday night said that they had reached an agreement to fully settle the Delaware Chancery case.

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Persons: Berkshire Hathaway, Haslam, Greg Abel, Warren Buffett, Jimmy Haslam Organizations: Berkshire, Travel Centers, Pilot Corp, PTC, Cleveland Browns Locations: Berkshire, Delaware Chancery, New York, Delaware