In a recent development, the billionaire Haslam family has filed a lawsuit against Warren Buffett's Berkshire Hathaway, accusing the conglomerate of employing improper accounting methods to devalue its remaining 20% stake in Pilot Travel Centers, the largest truck stop operator in the United States.

The Haslam family, which includes Cleveland Browns football team owner Jimmy Haslam, had previously sold Berkshire a 38.6% stake in Pilot for $2.8 billion in 2017, followed by an additional 41.4% stake for $8.2 billion in January of this year. As per the terms of the agreement, the family claims to have the right to sell the remaining stake at the same valuation on January 1, 2024.

According to a complaint filed in Delaware Chancery Court on October 23, Berkshire autonomously adopted "pushdown" accounting rules without the consent of the Haslams, artificially reducing Pilot's earnings before interest and taxes. The complaint states that this accounting method "grossly" diminishes the amount the Haslam family would receive if they were to sell their remaining stake.

The family alleges that despite their repeated objections, Buffett refused to commit to not using pushdown accounting. He reportedly assured Pilot's founder, James Haslam II, father of Jimmy Haslam, that Berkshire would adhere to the terms of the contract without making any further commitments.

No immediate response was received from Buffett's assistant regarding the lawsuit.

In a statement, Kristin Seabrook, Pilot's chief legal counsel, stated that the lawsuit concerned "a narrow issue between owners" and declined to comment further on the matter.

The complaint seeks to ensure that the Haslam family's 20% stake is accurately valued and aims to put a stop to what it alleges is Berkshire's improper accounting practices.

As of now, redacted estimates regarding the extent of the "windfall" Berkshire may receive at the expense of the Haslam family due to its accounting methods remain undisclosed.

Notably, several Pilot directors, including Greg Abel, a vice chairman at Berkshire and expected successor to Warren Buffett as Berkshire's chief executive, have also been named as defendants in the lawsuit.

According to Berkshire's second-quarter report, the company reported a net income of $197 million on $24.3 billion of revenue between February and June of this year.

Warren Buffett, the renowned investor, is 93 years old, while the elder Haslam, James Haslam II, is 92. It is worth mentioning that Jimmy Haslam himself is worth $8.7 billion, as reported by Forbes magazine.

As the legal battle unfolds, it remains to be seen how the court will rule on the Haslam family's claims against Berkshire Hathaway and the alleged improper accounting practices surrounding the valuation of their remaining stake in Pilot Travel Centers.