Buffett: 'We made a mistake,' will pay $900,000 settlement

August 20, 2014: 4:04 PM ET
Why Buffett hates paying corporate taxes
NEW YORK (CNNMoney)

Warren Buffett says his firm made a mistake and will pay a nearly $900,000 settlement to the federal government.

On Wednesday, Berkshire Hathaway (BRKA) acknowledged that it should have given regulators a heads-up about its plans to acquire a building supply company last December.

The Justice Department said in a lawsuit filed Thursday the firm needed to disclose the deal with USG Corp. (USG) to allow for an antitrust review.

If a judge signs off, Berkshire Hathaway will settle the suit for $896,000.

"We made a mistake when we overlooked the filing requirement," Buffett said.

Chicago-based USG makes wallboard, ceiling suspension systems and acoustic panels. Berkshire became the largest owner of the company and currently holds a 28% stake.

--CNNMoney's Matt Egan contributed to this report

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