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Judge approves concrete price-fixing settlement

IBJ Staff
December 22, 2009
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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.

 

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  • This doesn't seem fair!
    IMI made 225 million on the scene yet they are Asked to pay only around 58 million in fined and judgements.
    This is not fair! They should have to donate 150 million to charities!

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  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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