Billionaire Warren Buffett's company, Berkshire Hathaway, has accused the Haslam family, who own the Pilot truck stop chain, of attempting to bribe executives in order to inflate the company's profits. The allegations came in response to the Haslam family's claim that Berkshire had manipulated Pilot's earnings by changing its accounting practices. The two parties are embroiled in a legal battle over the valuation of the Haslams' remaining 20% stake in the company.

According to Berkshire's counter lawsuit, the Haslam family allegedly offered at least 15 executives at Pilot large sums of money to artificially boost the company's profits. The bribes were intended to increase the price that Berkshire would have to pay for the Haslams' stake in Pilot. The offer was reportedly made at a country club dinner in Knoxville, Tennessee, in March, with additional offers being made to other high-level executives in April.

Berkshire claims that a senior executive, who had been promised a bonus, revealed the Haslams' bribery attempt to the current Pilot CEO, who was appointed by Berkshire following its majority ownership of the company earlier this year. The lawsuit does not disclose the exact amount of money involved, but the Haslams' 20% stake was estimated to be worth $3.2 billion prior to Berkshire's accounting change.

The legal dispute revolves around the valuation of Pilot and the accuracy of its reported earnings. Berkshire wants to prevent the Haslams from selling their stake in 2024 due to concerns over the company's 2023 earnings, which it believes may have been inflated by the alleged bribes. Berkshire argues that determining the true value of Pilot will be difficult if its profits have been artificially manipulated.

Berkshire purchased a 38.6% stake in Pilot in 2017 for $2.758 billion, before acquiring an additional 80% earlier this year for $8.2 billion. The company now owns the majority of Pilot, which has over 850 locations and approximately 30,000 employees across the United States and Canada. The acquisition has significantly boosted Berkshire's revenue and profits.

The Haslam family, which includes Cleveland Browns owner Jimmy Haslam and former Tennessee governor Bill Haslam, denies the allegations made by Berkshire and has called them "wild inventions." Their attorney, Anitha Reddy, stated that they intend to dispute the allegations and defeat them in court.

A judge will decide whether Berkshire's counter lawsuit will be heard alongside the Haslams' initial lawsuit in January. Even if the judge agrees, the Haslams would still have the option to sell their stake in future years, as per the agreement signed in 2017. Berkshire argues that blocking a sale next year is crucial, as it will be difficult to determine the impact of the alleged bribes on Pilot's earnings.

Berkshire Hathaway, led by Warren Buffett, is known for its diverse portfolio of businesses, which includes Geico insurance, BNSF railroad, and several major utilities. The company also holds a significant stock portfolio with investments in companies such as Apple, Coca-Cola, American Express, and Bank of America.