FRANKFURT — Berkshire Hathaway may have found a way to get back some of the hundreds of millions of dollars it lost after buying a seemingly solid German pipe maker that turned out to be on the verge of going bust.
The conglomerate, led by Warren E. Buffett, is suing Jones Day, the law firm that represented the owners of the pipe maker when it was sold to a Berkshire Hathaway subsidiary in 2017. The lawsuit, filed late last month, accuses Jones Day of helping to trick Berkshire Hathaway into paying five times what the German company was worth.
There is not much chance that Berkshire Hathaway will recover any money from the sellers of the pipe maker, Wilhelm Schulz, which was named for its founder. The shareholders have declared bankruptcy and are facing a criminal investigation in Germany. But Jones Day is a prominent international law firm with deeper
“No one’s walking away from it right now, but we just don’t know what the game plan is yet,” said Julia Wallerce, who leads the Boston office of the Institute for Transportation and Development Policy, which has pressed for more bus-only lanes. “This is a big bang for your buck kind of corridor. We’ve just got to get enough bucks to fund it.”
The commissioner of the Boston Transportation Department, Greg Rooney, said the grant decision was obviously disappointing, but the Blue Hill Avenue project remains a priority for Mayor Martin J. Walsh. The city plans to make smaller improvements in the short-term, such as repainting crosswalks, and Rooney pledged to find funding elsewhere — either through the city’s budget, the MBTA’s, or some combination.
“We are committed to moving this project forward next year,” added Vineet Gupta, the department’s director of planning.
The MBTA is “regrouping with the city