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

Join the Conversation
Markets
Sponsored by
Index Last Change % Change
Dow 17,366.47 171.05 0.99%
Nasdaq 4,626.52 60.38 1.32%
S&P 500 2,014.21 19.56 0.98%
Treasuries 2.33 0.03 1.21%
Data as of 11:06am ET
Company Price Change % Change
Bank of America Corp... 17.17 0.14 0.82%
Intel Corp 33.60 1.02 3.13%
Facebook Inc 75.12 1.00 1.36%
Apple Inc 107.43 0.45 0.42%
Crown Castle Interna... 79.57 -3.67 -4.41%
Data as of 10:51am ET