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 17,265.99 109.14 0.64%
Nasdaq 4,593.43 31.24 0.68%
S&P 500 2,011.36 9.79 0.49%
Treasuries 2.63 0.03 1.12%
Data as of 6:06pm ET
Company Price Change % Change
Bank of America Corp... 17.04 0.27 1.61%
Yahoo! Inc 42.08 -0.50 -1.19%
Apple Inc 101.79 0.21 0.21%
Microsoft Corp 46.68 0.16 0.34%
General Electric Co 26.21 0.16 0.61%
Data as of 4:04pm ET