Berkshire retreats after four straight closing highs
Both classes of Berkshire Hathaway’s stock rallied to four consecutive record-high closes before giving back some of the gains.
The streak started last Friday and continued through Wednesday of this week, with the Class A shares closing at $652,040 and the Class B shares ending at $434.47.
After two days of moderate losses yesterday and today, the Class A shares are down 2.9% from their all-time closing high and the Class B shares have dropped 2.5%.
For the year, Berkshire’s A shares are up 20.2%, the B shares have gained 21.8% and the benchmark S&P 500 stock index is up 20.6%.
Berkshire market value stands at around $937 billion, putting at in seventh place for U.S. corporations.
PacifiCorp denies ‘collusion’ in Oregon wildfire settlement
Berkshire Hathaway’s PacifiCorp utility says claims it colluded with three law firms to reduce wildfire settlements are “false, preposterous and desperate.”
Reuters reports law firms that are advocating for a class-action lawsuit against PacifiCorp were surprised by a $178 million settlement announced in June for 403 victims of two Oregon wildfires in 2020.
It came one week after the failure of a mediation effort to settle the class-action suit, which accuses the utility of failing to shut down power lines during a windstorm.
The class-action firms say the lawyers in the non-class action settlement appear to be “working hand-in-hand with PacifiCorp to enrich themselves, benefit PacifiCorp, and harm fire survivors” by settling claims at a “PacifiCorp-approved, bargain-basement price point.”
Smoke rises from the Brattain Fire in the Fremont National Forest, Paisley, Oregon, Sept. 18, 2020. REUTERS/Adrees Latif
The three firms in the June settlement argue a “meaningful” amount of money now is better for the plaintiffs than waiting for a resolution of the class-action suit, which could produce a larger settlement but will probably take years to complete.
PacifiCorp agrees, accusing the class-action firms of trying to get clients to hold out for more money, which would also increase their legal fees.
“That hundreds of plaintiffs have chosen to settle with PacifiCorp and disagree with class counsel’s tactics is not evidence of collusion,” it said in a statement.
Judge allows Berkshire subsidiary to continue ‘knockoff’ suit
Reuters reports Judge Josephine Station rejected Build-A-Bear’s motion to dismiss the suit against it, writing, “This case is not an instance where the works are so dissimilar by plain sight that any person observing them could confidently conclude that they do not share substantial similarities.”
Jazwares Squishmallows
Build-A-Bear Workshop SKOOSHERZ
Build-A-Bear, which has filed a countersuit seeking a determination that it did nothing wrong, says its SKOOSHERZ are based on its previous plush toys and that its advertising makes clear which company makes them.
