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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. Those of you yelling to deport them all should at least understand that the law allows minors (if not from a bordering country) to argue for asylum. If you don't like the law, you can petition Congress to change it. But you can't blindly scream that they all need to be deported now, unless you want your government to just decide which laws to follow and which to ignore.

  2. 52,000 children in a country with a population of nearly 300 million is decimal dust or a nano-amount of people that can be easily absorbed. In addition, the flow of children from central American countries is decreasing. BL - the country can easily absorb these children while at the same time trying to discourage more children from coming. There is tension between economic concerns and the values of Judeo-Christian believers. But, I cannot see how the economic argument can stand up against the values of the believers, which most people in this country espouse (but perhaps don't practice). The Governor, who is an alleged religious man and a family man, seems to favor the economic argument; I do not see how his position is tenable under the circumstances. Yes, this is a complicated situation made worse by politics but....these are helpless children without parents and many want to simply "ship" them back to who knows where. Where are our Hoosier hearts? I thought the term Hoosier was synonymous with hospitable.

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