A federal judge has preliminarily approved a settlement in which a central Indiana concrete company agreed to pay $29 million to resolve a class-action antitrust lawsuit alleging it and six other companies conspired to fix the price of ready-mixed concrete.
Judge Sarah Evans Barker gave her consent on Friday, nearly two months after Irving Materials Inc. of Greenfield agreed to the settlement.
A final hearing is set for March 29 to determine “whether the settlement is fair, reasonable and adequate, and should be finally approved.” Irving Materials would pay the settlement amount no later than April 1, according to court documents.
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.