Tennessee high court rejects pension fund appeal

The Tennessee Supreme Court today unanimously denied Denver Area Meat Cutters and Employers Pension Plan's attempt to overturn a shareholder vote approving Berkshire Hathaway's purchase of Clayton Homes Inc., in which the pension plan is a shareholder. The plan had appealed a Sept. 3 ruling by the Tennessee Court of Appeals that rejected the plan's claim that Clayton management defrauded investors by postponing a shareholder vote on Berkshire Hathaway's $12.50-per-share offer. Shareholders approved the $1.7 billion sale July 30; the results were certified Aug. 6.