Settlements and Verdicts

Price Fixing Conspiracy

Indianapolis, IN: (Apr-24-08) A class action lawsuit representing thousands of people and businesses, was brought against Southfield Corporation, formerly known as Prairie Materials, alleging that the company engaged in a price-fixing conspiracy that victimized its customers. The lawsuit stated that the price-fixing scheme was exposed in 2005 when the federal government announced the largest anti-trust fine in US history going to Irving Materials Inc. at $29 million.

As part of a settlement agreement reached in the case, sources stated that Southfield Corporation announced it will pay $19 million to resolve claims in the class action suit. Records indicate that earlier this month a federal court approved settlements with two other ready-mixed concrete companies. They added up to more than five million dollars. Following the deal with Prairie, attorneys said that three other companies still need to pay up and they are the ones that have also been found criminally culpable. They are Irving Materials Inc. (IMI), Beaver Materials and Builder's Concrete. [WISH TV8 NEWS: JUDGE ASKED TO APPROVE SETTLEMENT IN CONCRETE PRICE-FIXING CONSPIRACY]

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