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Lawyers in concrete price-fixing case awarded $18M in fees

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Despite objections from Duke Realty Corp., a federal judge has approved additional attorney fees relating to the ready-mix price-fixing settlement that drives the total take for lawyers up to nearly $18 million.

Judge Sarah Evans Barker signed off on the new fees earlier this week after Indianapolis-based Duke opposed a request to award an additional $9.7 million in attorney fees, calling the amount excessive.

Duke, one of the plaintiffs in the antitrust class-action lawsuit, had complained that the lawyers who had waged the five-year fight on its behalf would walk away with too large a windfall.

Indianapolis attorney Irwin Levin and his legal team negotiated almost $60 million in settlements with providers of ready-mix concrete in the Indianapolis area.

The $18 million in fees is based on a common formula in class-action cases that awards attorneys one-third of the recovery amount. The fees are among the highest ever for an Indianapolis class-action case.

Attorneys for Duke, however, argued a more appropriate award should fall between 5 percent and 22.5 percent of the settlement amount. They said in court documents that plaintiff lawyers “offer little substantive support that [one-third] reflects a true market rate, in this instance.”

Duke further said that by the time Levin and his team struck their largest settlement—a $29 million deal with Greenfield-based Irving Materials Inc.—the danger of not getting paid was “virtually nonexistent.”

But Barker pointed out that Levin and his team took the case knowing they wouldn’t get paid if they lost. Because of the uncertainties, class-action attorneys are accustomed to collecting larger checks than colleagues paid by the hour.

“From the time Class Counsel agreed to provide services,” she wrote, “this risk of the litigation has been substantial.”

Levin, managing partner of Cohen & Malad LLP, told IBJ in late March that other plaintiffs are “absolutely thrilled” about the settlement, and that they are recovering nearly the entire amounts they were overcharged as a result of the price-fixing scheme.

Barker rendered her final judgment on Tuesday.

Levin was co-lead counsel in the case with Stephen Susman of Susman Godfrey in Houston. Both are heavy hitters nationally who’ve won some big class-action settlements over the years.
 
 

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  1. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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