Concrete firm agrees to pay $29M in price-fixing case

October 27, 2009

A lawyer says a central Indiana concrete company has agreed to pay $29 million to settle a class-action antitrust lawsuit alleging it and six other companies conspired to fix the price of ready-mixed concrete.

Plaintiffs' attorney Irwin Levin of Indianapolis-based Cohen & Malad confirmed the settlement amount to IBJ on Tuesday. Defendant Irving Materials Inc. of Greenfield confirmed the agreement, but did not specify the amount.

The settlement still must be approved by a federal judge.

Four former IMI executives were sentenced to prison in December 2005 for their role in the scheme. The company was fined $29.2 million.

Investigators said the price-fixing scheme lasted from January 2000 to May 2004. They estimate IMI alone made $225 million as a result of the scheme.

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